Candid Resources Limited vs Manoj Kulshrestharesolution ...
- CitationCompany Appeal (AT) (Ins.) No. 552 of 2022
Ratio decidendi
The rule this decision rests on
The Appellate Tribunal declined to entertain an appeal against the rejection of an application where the applicant, though having expressed willingness to submit a resolution plan within the statutory window, filed the application before the Adjudicating Authority only after an inordinate delay of more than one year, and the Tribunal held that such inordinate delay in filing the application is itself a sufficient ground to refuse to entertain the appeal at that stage, with no error found in the impugned order.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Candid Resources Ltd. ...Appellant
Versus
Manoj Kulshrestha & Ors. ...Respondent
Present: For Appellant: Mr. SK Sharma, Advocate
For Respondent: Advocate Nishi Chaudhary, for R-2
ORDER
(Virtual Mode)
20.05.2022: Heard Learned Counsel for the Appellant.
2. This Appeal has been filed against the Order dated 29th March, 2022
passed by the Adjudicating Authority (National Company Law Tribunal,
Special Bench (Court-II) by which, the Adjudicating Authority rejected the
Application of the Appellant.
3. In the present case, the last date for submitting the Resolution Plan as
per Form-G was 28th November, 2020. On 17th January, 2021 the Appellant
wrote to the Resolution Professional that he is willing to submit his Resolution
Plan however he filed the Application before the Adjudicating Authority being
I.A. No. 1392 of 2022 only in the month of March, 2022 i.e. even after more
than one year when he wrote to the Resolution Professional that he is willing 2
to submit the Resolution Plan, there being such inordinate delay, in filing the
Application, we are not inclined to entertain the Appeal at this stage.
We do not find any error in the Order of the Adjudicating Authority, the
Appeal is dismissed.
[Justice Ashok Bhushan] Chairperson
[Ms. Shreesha Merla] Member (Technical)
[Mr. Naresh Salecha] Member (Technical)
Basant/nn
Company Appeal (AT) Ins. No. 552 of 2022
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