Religare Finvest Ltd vs Nippon Investment & Finance Co. Pvt. ...
- CitationCompany Appeal (AT) (Insolvency)No. 339 of 2020
Ratio decidendi
The rule this decision rests on
Under Section 61 of the Insolvency and Bankruptcy Code, 2016, an appeal must be filed within thirty days of the impugned order, and the Appellate Tribunal's power to condone delay extends only to a further fifteen days beyond that period; where the delay exceeds that fifteen-day extension, the Tribunal has no power to condone it and the appeal must be dismissed as time-barred.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI IA 899/2020 with Company Appeal (AT) (Insolvency)No. 339 of 2020 IN THE MATTER OF: Religare Finvest Ltd. .....Appellant Vs. Nippon Investment & Finance Co. Pvt. Ltd. & Ors. ......Respondents Present : For Appellant: Ms. Tannya Baranwal, Advocate
O R D E R
27.02.2020 - This appeal has been filed by the Minority Financial Creditor
who was part of 'Committee of Creditors' (COC) having 4.04% voting right. The
appeal has been filed against the Impugned Order dated 05.12.19 by which order
the 'Resolution Plan' approved by the 'Committee of Creditors' by requisite
majority has been accepted, by the Adjudicating Authority.
The Application IA No. 899/2020 has been filed by the Appellant to
condone 29 days of delay in filing of the appeal. The Impugned Order is dated
05.12.2019 and the appeal has been filed after 74 days on 18.12.2020. The
reason given for delay is that there was some typing error in the Impugned Order
for which the Appellant filed an application to the Adjudicating Authority, but
the Adjudicating Authority has not passed any order and that the certified copy
of the order was availed only on 13.02.2020.
.....contd.
2
Under Section 61 of the Insolvency & Bankruptcy Code, 2016 ('I&B' Code,
for short), the delay after period of Appeal of 30 days which this Tribunal can
condone is another 15 days' period.
As there is delay of more than 15 days, IA 899/2020 is rejected.
Consequently, the appeal cannot be entertained and the same stands disposed
of as time barred.
[Justice A.I.S. Cheema] Member (Judicial)
[Justice Anant Bijay Singh] Member (Judicial)
[Kanthi Narahari] Member (Technical)
ss/m
Company Appeal (AT) (Insolvency)No. 339 of 2020
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