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UJJAL BHUYAN, SUREPALLI NANDA
M. Seshavatharam – Appellant
Versus
National Company Law Tribunal-I, Adjudicating Authority, Hyderabad – Respondent
ORDER :
1. Heard Mr. L.Ravichander, learned Senior Counsel appearing for Mr. Mayur Mundra, learned counsel for the petitioner; Mr. K.Raghavendra Rao, learned counsel for respondent No. 2 and Mr. P.Vajra Lakshmi Subba Rao, learned counsel for respondent No. 3.
2. By filing this petition under Article 226 of the Constitution of India petitioner has assailed legality and validity of the order dated 30.03.2021 passed by the National Company Law Tribunal, Hyderabad Bench-I, Hyderabad (for short, ‘NCLT’ hereinafter).
3. By the aforesaid order, NCLT dismissed the interlocutory application filed by the petitioner under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (briefly, ‘IBC’ hereinafter) read with Rule 17 of the National Company Law Tribunal Rules, 2016 as well as under Section 420 of the Companies Act, 2013 seeking dismissal of the application filed under Section 7 of the IBC being C.P. (IB) No. 681/7/HDB/2018 as being barred by limitation and thereafter to declare all further proceedings based on the Corporate Insolvency Resolution Process as infructuous.
4. Petitioner is a suspended director of a company called M/s.Guruprabha Power Limited (referred to hereinafter as ‘corpo
The main legal point established in the judgment is the interpretation of the limitation period for filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, and the applicab....
(1) IBC is not just another statute for recovery of debts – Nor is it a statute which merely prescribes modalities of liquidation of a Corporate body, unable to pay its debts – It is essentially a st....
(1) In computing period of limitation for initiation of CIRP proceedings, time spent in pursuing remedy under SARFAESI Act or any other recovery law cannot be excluded.(2) IBC is essentially a statu....
(1) Sine qua non for initiation of corporate insolvency resolution process is occurrence of default. Period of limitation for making application under Section 7 or 9 of IBC is three years from date o....
(1) Provisions of Limitation Act are applicable to proceedings under IBC as far as may – Proceedings in good faith in a forum which lacks jurisdiction or is unable to entertain for like nature may sa....
Acknowledgment of debt through balance sheets and restructuring efforts extends limitation under Section 18 of the Limitation Act; thus, a Section 7 application under IBC remains valid even if initia....
The provisions of Section 18 of the Limitation Act are applicable to proceedings under the Insolvency and Bankruptcy Code, and an acknowledgement in a balance sheet without a qualification can extend....
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....
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