2023 (7) TMI 960

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....ational Company Law Tribunal, Division Bench - I, Chennai dated 12.05.2023, by which an Application bearing IA/846(CHE)/2020 in CP/514/(IB)/CB/2017 filed by the Liquidator under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, (for short `The Code') for certain directions has been disposed of. 2. The Appeal has been filed with an Application bearing I.A. No.671/2023 for seeking Condonation of Delay of 13 days in filing the present Appeal. 3. Counsel for the Applicant has submitted that the delay of 13 days in filing of the Appeal has been caused because the Appellant came to know about the Order dated 12.05.2023 only on 27.05.2023 because the Appellant was Ex-Parte before the Tribunal and took time in filing of the Appeal becaus....

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....olution plan in the manner specified by the Board; (iv) the insolvency resolution process costs have not been provided for repayment in priority to all other debts; or (v) the resolution plan does not comply with any other criteria specified by the Board. (4) An appeal against a liquidation order passed under section 33, or sub-section (4) of section 54L, or sub-section (4) of section 54N, may be filed on grounds of material irregularity or fraud committed in relation to such a liquidation order. (5) An appeal against an order for initiation of corporate insolvency resolution process passed under sub-section (2) of section 54-O, may be filed on grounds of material irregularity or fraud committed in relation to such an order." ....

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.... did not contest the Application in which the Impugned Order was passed because it itself has mentioned in the Application that it was Ex-Parte in that proceedings. It has not brought on record any evidence as to how it came to know about the Order dated 12.05.2023 on 27.05.2023 and the other reason that the Appellant/Applicant had to consult voluminous record is also seems to be a lame excuse for the purpose of seeking Condonation of Delay. 9. It is to be borne in mind that the legislature has provided only a period of 30 days for the purpose of filing of an Appeal in order to ensure expeditious disposal of the Litigation arising out of the Code and has further provided a window of only 15 days to the Appellate Tribunal to consider an App....