Kotak Mahindra Bank Limited vs Samyak Projects Pvt. Ltd
- CitationCompany Appeal (AT) (Insolvency) No. 1268 of 2023
Ratio decidendi
The rule this decision rests on
Limitation for an appeal under the Insolvency and Bankruptcy Code runs from the date on which the impugned order is pronounced, not from the date on which the appellant obtains knowledge of it. Where the appellant is a financial creditor who initiated the proceedings by a Section 7 application, and whose counsel was present when the order was delivered, the appellant cannot claim lack of knowledge of the order as a ground for extending the limitation period. A delay exceeding the prescribed limitation period by more than the permissible condonation margin cannot be condoned, and the appeal is liable to be rejected on that ground.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Kotak Mahindra Bank Ltd. ...Appellant
Versus
Samyak Projects Pvt. Ltd. ...Respondent
Present: For Appellant: Mr. Sanjay Bhatt, Mr. Abhishek Kumar, Advocates For Respondent:
ORDER
04.10.2023: There is a delay condonation application. This Appeal has
been filed against the Order dated 24th May, 2023. This Appeal has been filed
on 27th July, 2023.
2. Ground taken in the Application is that Appellant came to know of the
Order on 06th July, 2023 hence the Appeal is within the time from the date of
knowledge.
3. Hon'ble Supreme Court in V Nagarajan vs SKS Ispat And Power
Limited has laid down that limitation for filing the Appeal shall begin from
the date when order is passed. In the present case, the Appellant was a
Financial Creditor who has filed Section 7 Application hence Appellant cannot
be heard in saying that he was not aware of the Order when the Order was
delivered. More so when the counsel for the Appellant was present on date
when the Order is delivered.
-2-
4. We thus are of the view that the delay being more than 15 days after
expiry of limitation can not be condoned.
Delay Condonation Application is dismissed. Consequently, Memo of
Appeal is rejected.
[Justice Ashok Bhushan] Chairperson
[Mr. Barun Mitra] Member (Technical)
[Mr. Arun Baroka] Member (Technical)
Basant/nn
Company Appeal (AT) (Insolvency) No.1268/2023
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