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PRATHIBA M. SINGH
Pelican Grand Motels Private Limited – Appellant
Versus
Punjab National Bank – Respondent
Headnote: Read headnote
JUDGMENT
Prathiba M. Singh, J. (Oral)--This hearing has been done through hybrid mode.
CM APPL.8627/2023 (for exemption)
2. Allowed, subject to all just exceptions. Application is disposed of.
W.P.(C) 2281/2023 & CM APPL.8628/2023
3. The present Petition has been filed by the Petitioner challenging the impugned order of the National Company Law Tribunal (hereinafter `NCLT') dated 6th January, 2023. In view of the fact that the reply of the Petitioner to the Section 7 Petitioner under the IBC, filed by the Respondent, was under objection, the NCLT closed the right to file the reply. On the same day the arguments have been heard and the order has been reserved.
4. Ld. counsel for the Petitioner submits that there was a delay in filing the reply, however, the same is not deliberate as it was only under objections and an opportunity may be given t
The importance of providing an opportunity to the corporate debtor to file a reply before admitting an application under Section 7 of the IBC.
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.
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....
(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 IBC mandates strict adherence to limitation periods for appeals, emphasizing timely resolution in insolvency proceedings.
Delay in filing an appeal under the IBC cannot be excused based on lack of knowledge regarding the proceedings; Limitation must be strictly construed.
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