Manish Jain vs Dreamlands Realtors (P) Ltd. & Anr
- CitationCompany Appeal (AT) (Insolvency) No. 590 of 2019
Ratio decidendi
The rule this decision rests on
The appeal was filed after a delay of 228 days, and the Tribunal held that under Section 61(2) of the Insolvency and Bankruptcy Code, 2016 it has no jurisdiction to condone such delay beyond the prescribed period; the appeal was therefore disposed of without going into its merits. The Tribunal further held that an order of the Adjudicating Authority or of the Appellate Tribunal does not stand in the way of a Liquidator proceeding in accordance with an earlier decision of the Appellate Tribunal, and it disposed of the appeal with that observation, without costs.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Manish Jain ...Appellant Vs Dreamlands Realtors (P) Ltd. & Anr. ....Respondents
Present: For Appellant: Mr. Sanjeev Sagar and Ms. Nazia Parveen, Advocates. For Respondents:
ORDER
01.05.2019: This appeal has been preferred by the Appellant, Director/
Shareholder of 'M/s Dreamlands Realtors (P) Ltd.' against order dated 10th
October, 2018, which reads as follows:-
"ORDER
Written communication has been placed on record in Form 2
along with the certificate of registration by the proposed
liquidator. The Committee of Creditor comprises of only the
applicant Bank. In view of the resolution passed by the COC,
Mr. Rakesh Bhatia the Insolvency Professional is hereby
appointed as the Liquidator to deal with the assets of the
Corporate Debtor. Let interim report be filed."
Company Appeal (AT) (Insolvency) No. 590 of 2019 -2-
2. As the present appeal has been preferred after delay of 228 days, this
Appellate Tribunal has no jurisdiction to condone the delay in the view of Section
61(2) of the Insolvency and Bankruptcy Code, 2016. However, the order passed
by the Adjudicating Authority or by this Appellate Tribunal will not come in the
way of the Liquidator to proceed in accordance with the decision of this Appellate
Tribunal in "Y. Shivram Prasad Vs. S. Dhanapal & Ors. etc. - Company
Appeal (AT) (Insolvency) No. 224 of 2018 & 286 of 2018', disposed of on
27th February, 2019".
3. The appeal stands disposed of with aforesaid observation. No costs.
[Justice S. J. Mukhopadhaya] Chairperson
[Justice A. I. S. Cheema] Member (Judicial)
(Kanthi Narahari) Member (Technical) am/sk
Company Appeal (AT) (Insolvency) No. 590 of 2019
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