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SANJAY KISHAN KAUL, ABHAY S. OKA
Srei Equipment Finance Limited – Appellant
Versus
Kalpataru Properties Private Limited – Respondent
Headnote: Read headnote
ORDER :
SPECIAL LEAVE PETITION (C) No.2536 /2023 (@ SLP (C) DIARY No. 1158 of 2023)
1. Delay condoned.
2. An endeavour made by one Sri Subhankar Bhowmik through a PIL filed in the High Court of Tripura at Agartala seeking to raise issues about the provisions of Insolvency and Bankruptcy Code, 2016 was dismissed by an order dated 14.3.2022 and against the same the SLP was dismissed on 11.4.2022. Respondent No.1 thereafter filed a petition with leave to appeal against the original order of Division Bench alleging that they were not parties in those proceedings and some observations have been made in paras 13 to 15 of that order which affected the pending litigation relating to respondent No.1. In that context, it was observed that if that was so, it was for the petitioner to approach the High Court to seek appropriate relief and the SLP was dismissed with that liberty. Thereafter a review
The bar of limitation cannot be obviated or circumvented by taking recourse of proceedings under Article 136 of the Constitution when a statutory appeal is available.
The Supreme Court condoned the delay in filing an appeal and urged the NCLAT to expedite the hearing without interfering with the interlocutory order.
The delay in proceedings cannot be dismissed when there are prima facie merits, and leniency should be applied in construing delays.
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 IBC mandates strict adherence to limitation periods for appeals, emphasizing timely resolution in insolvency proceedings.
The court clarified that financial creditors can file additional documents under Section 7 IBC, and restrictions on reliance on such documents by the NCLT were erroneous.
The importance of providing an opportunity to the corporate debtor to file a reply before admitting an application under Section 7 of the IBC.
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