Industrial Services (Gases) vs Electrosteel Steels Ltd And Ors
- CitationCompany Appeal (AT) (Insolvency) No. 516 of 2018
Ratio decidendi
The rule this decision rests on
The Tribunal's power under sub-section (2) of Section 61 of the Insolvency and Bankruptcy Code, 2016 to condone delay in filing an appeal is limited to a further period of 15 days; where the delay exceeds that period and no satisfactory ground for condonation is shown, the appeal is barred by limitation and must be dismissed. Where a resolution plan has already been approved by the Appellate Tribunal in an earlier judgment in another appeal arising from the same corporate insolvency process, the question of that plan's approval is settled, and it is not open to a party to reopen it before the Tribunal in a later appeal.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Industrial Services (Gases) ...Appellant
Vs.
Electrosteel Steels Ltd. & Ors. ...Respondents
Present: For Appellant: - Mr. Sarathi Dasgupta, Ms. Srinanda Bose and Mr. Sujoy Chatterjee, Advocates.
For Respondents:- Mr. Bishwajit Dubey, Advocate for CoC. Mr. Aditya V. Singh, Advocate for Vedanta Ltd. Mr. Vaijayant Paliwal, Advocate for RP.
ORDER
05.09.2018─ This appeal has been preferred by the Appellant-
'Operational Creditor' against the order dated 17th April, 2018 after
delay of 85 days. However, in terms of sub-section (2) of Section 61 of
the Insolvency and Bankruptcy Code, 2016, as this Appellate Tribunal
has no power to condone the delay beyond 15 days and no satisfactory
ground has been shown by the Appellant to condone the delay, we
dismiss the petition for condonation of delay. In the result, the appeal
is dismissed being barred by limitation.
I.A. No. 1332 of 2018 stands disposed of.
Contd/-............
-2-
2. This apart, we may mention that the 'Resolution Plan' submitted
by 'Vedanta Ltd.' has already been approved by this Appellate Tribunal
by its judgment dated 10th August, 2018 in "Renaissance Steel India
Pvt. Ltd. v. Electrosteel Steels Ltd.─ Company Appeal (AT)
(Insolvency) No 175 of 2018".
3. For the said reason, now it is not open to any party to reopen the
issue before this Appellate Tribunal. The appeal is also devoid in merit.
It is accordingly dismissed. No cost.
(Justice S.J. Mukhopadhaya) Chairperson
(Justice Bansi Lal Bhat) Member(Judicial) Ar/uk
Company Appeal (AT) (Insolvency) No. 516 of 2018
Connected matters
Decided by the same order
- Industrial Handling vs Electrosteel Steels Ltd And Ors5 September 2018
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