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D. Y. CHANDRACHUD, MANOJ MISRA
State Bank of India – Appellant
Versus
India Power Corporation Limited – Respondent
Headnote: Read headnote
ORDER :
1. On a difference between two members of the National Company Law Appellate Tribunal1 [“NCLAT”] reflected in a split verdict on 1 May 2024, the third Member, by a judgment dated 9 July 2024, agreed with the Judicial Member in dismissing the application for condonation of delay.
2. The facts, insofar as they are relevant for the disposal of the Appeal, fall in a narrow compass.
3. The appellant, State Bank of India, instituted an application under Section 7 of the Insolvency and Bankruptcy Code 20162 [“IBC”] against the respondent. The National Company Law Tribunal3 [“NCLT”] at Hyderabad rejected the petition on the ground of maintainability by an order dated 30 October 2023.
4. The appeal before the NCLAT, Chennai was filed on 2 December 2023. The appellant filed an application for condonation of delay on the ground that the appeal had been lodged with a delay of 3 days beyond the 30 day period prescribed in Section 61(2).
5. A divergence arose between the two members of the NCLAT on 1 May 2024. The Judicial Membe
The court established that free certified copies and those obtained for a fee are treated equally for appeal purposes under the IBC and relevant rules.
(1) Appeal – Period of limitation – Any party which is aggrieved by decision of NCLT can file appeal before NCLAT – Statutory time limit of 30 days within which appeal can be preferred, is extendable....
The main legal point established in the judgment is the importance of clarity and consistency in administrative guidance, particularly regarding the computation of limitation for filing an appeal. Th....
The limitation for filing an appeal begins upon the pronouncement of the order and not its publication, making delays uncondonable if not filed timely.
Appeal – Limitation – Though National Company Law Appellate Tribunal is clothed with powers to exempt and to extend time under Rules 14 and 15 of NCLAT Rules respectively, such powers cannot be exerc....
Appeal – Limitation stops running on e-filing of appeal before NCLAT and not on presentation of physical copy – Date on which limitation begins to run is intrinsically linked to date of pronouncement....
The NCLAT cannot condone delays beyond the statutory maximum of 45 days under the IBC, emphasizing strict adherence to limitation periods in insolvency processes.
The court recognized the importance of e-filing in legal procedures while addressing challenges related to limitation periods in appeals before the NCLAT.
The IBC mandates strict adherence to limitation periods for appeals, emphasizing timely resolution in insolvency proceedings.
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