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SUPREME COURT OF INDIA
STATE BANK OF INDIA ASSISTANT MANAGER VS. INDIA POWER CORPORATION LIMITED
Headnote: Read headnote
O R D E R
1. This Statutory Appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016 (for short, ‘IBC’) is at the instance of the appellant – State Bank of India seeking to challenge the order passed by the National Company Law Appellate Tribunal (NCLAT), Chennai dated 04.10.2023 by which the Appellate Tribunal dismissed the appeal filed by the State Bank of India and thereby affirmed the order passed by the National Company Law Tribunal (NCLT), Hyderabad.
2. The facts giving rise to this appeal may be summarized as under:-
i) In February, 2020, the Bank filed an application under Section 7 of the IBC before the NCLT.
ii) In November, 2021, the respondent – herein India Power Corporation Lim
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.
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 court established that free certified copies and those obtained for a fee are treated equally for appeal purposes under the IBC and relevant rules.
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....
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....
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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