Electro Mech Engineers vs Electrosteel Steels Ltd. & Ors
- CitationCompany Appeal (AT) (Insolvency) No. 602 of 2018
Ratio decidendi
The rule this decision rests on
The appeals are barred by delay beyond the 90-day period under sub-section (2) of Section 61 of the Insolvency and Bankruptcy Code, 2016, and the Tribunal will not condone delay on an unsubstantiated assertion of late knowledge of the impugned order. Where an approved resolution plan has been sanctioned by the Committee of Creditors, the Adjudicating Authority and the Appellate Tribunal, and the corporate debtor has been taken over by the successful applicant, the Tribunal will not entertain a belated challenge that would reopen the matter after such long delay.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Ms. Misha, Mr. Viajayant Paliwal and Ms. Jasveen Kaur, Advocates for R.P.
ORDER
04.10.2018 All these appeals have been filed after a delay of more than
90 days against the order dated 17th April, 2018. Against the said order
'Naskar's Delco Mechanical Engineering Pvt. Ltd.' moved before this Appellate
Tribunal in 'Company Appeal (AT)(Insolvency) No. 478 of 2018' after delay of 15
days wherein this Appellate Tribunal passed the following order on 24.08.2018:
"This appeal has been preferred by M/s Naskar's
Delco Mechanical Engineering Pvt. Ltd. against order
dated 17th April, 2018 passed by the Adjudicating
Authority (National Company Law Tribunal), Kolkata
Bench alongwith petition for condonation of delay. From
the date of the order, there is a 91 days delay and from
the date of knowledge i.e. 1st July, 2018, as informed by
the learned counsel for the Appellant, there is delay of
more than 50 days in preferring the appeal. In the appeal
a vague statement has been made that he came to know
about the order from some other Operational Creditor in the
second week of the July, 2018 but such statement is not
based on any evidence and is also vague in absence of a
specific date. Therefore, the appeal cannot be entertained
Company Appeal (AT) (Insolvency) Nos. 602, 603, 604 and 605 of 2018 3
in terms of sub-section (2) of Section 61 of Insolvency and
Bankruptcy Code, 2016.
2. Apart from the aforesaid fact we have noticed that
the resolution plan submitted by M/s. Vedanta Ltd. has
already been approved by the Committee of Creditors,
Adjudicating Authority and this Appellate Tribunal by its
judgment dated 10th August, 2018 in "Renaissance Steel
India Pvt. Ltd. Vs. Electrosteels Steel India Ltd." in
Company Appeal (AT) (Insolvency) No. 175, 223, 221, 233,
267 & 357 of 2018, has also affirmed the approval of the
resolution plan. In that view of the matter, after approval
of the resolution plan and takeover of the Corporate Debtor
by Vedanta and after long delay, we are not inclined to
deliberate on the issue raised in this appeal. It is
accordingly dismissed. No cost."
These appeals being covered by the aforesaid decision, we dismiss these
appeals on the ground mentioned in the aforesaid order. No cost.
[Justice S.J. Mukhopadhaya] Chairperson
[ Justice Bansi Lal Bhat ] Member (Judicial)
/ns/gc/
Company Appeal (AT) (Insolvency) Nos. 602, 603, 604 and 605 of 2018
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