Securities And Exchange Board Of India vs Pancard Club Ltd
- CitationCompany Appeal (AT) (Insolvency) No. 1528 of 2024
Ratio decidendi
The rule this decision rests on
The appeal filed beyond the thirty-day limitation period, and beyond the fifteen-day condonable period, cannot be entertained by condoning the delay, and an application for recall of the impugned order does not extend or revive the period of limitation for an appeal against that order. Where the appeal is filed within the condonable period and sufficient cause for the delay is shown in the application, the delay may be condoned and the appeal entertained on its merits.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Securities and Exchange Board of India ...Appellant Versus Pancard Clubs Ltd. & Ors. ...Respondents
Present: For Appellant : Mr. Pratap Venugopal, Sr. Advocate with Ms. Surbhi Gupta, Mr. Sahil Grewal, Mr. Abhishek Puri, Advocates. For Respondents : Mr. Sumesh Dhawan, Ms. Vatsala Kak, Ms. Ankita Bajpai, Mr. Shurya Shyam, Mr. Sagar Thakkar, Advocates for Erstwhile RP. Mr. Navin Pahwa, Sr. Advocate with Mr. Mohit D. Ram, Ms. Nyan Gupta, Advocates with R-3.
With
Company Appeal (AT) (Insolvency) No. 1531 of 2024 & I.A. No. 5543 of 2024
IN THE MATTER OF: Securities and Exchange Board of India ...Appellant Versus Pancard Clubs Ltd. & Ors. ...Respondents
Present: For Appellant : Mr. Pratap Venugopal, Sr. Advocate with Ms. Surbhi Gupta, Mr. Sahil Grewal, Mr. Abhishek Puri, Advocates. For Respondents : Mr. Sumesh Dhawan, Ms. Vatsala Kak, Ms. Ankita Bajpai, Mr. Shurya Shyam, Mr. Sagar Thakkar, Advocates for Erstwhile RP. Mr. Navin Pahwa, Sr. Advocate with Mr. Mohit D. Ram, Ms. Nyan Gupta, Advocates with R-3.
Cont'd.../ 2
ORDER
(Hybrid Mode)
21.11.2024: I.A. No. 5536 of 2024 in Company Appeal (AT)
(Insolvency) No. 1528 of 2024 and I.A. No. 5543 of 2024 in Company
Appeal (AT) (Insolvency) No. 1531 of 2024: Company Appeal (AT) (Ins.)
No. 1528 of 2024 has been filed challenging the order dated 25.04.2024.
Company Appeal (AT) (Ins.) No. 1531 of 2024 has been filed challenging the
order dated 06.06.2024 passed in IA No.2923 of 2023. In both the appeals,
application for condonation of delay has been filed.
Company Appeal (AT) (Ins.) No. 1528 of 2024 has been filed against
order dated 25.04.2024 and the appeal has been e-filed on 12.07.2024. The
thirty days' limitation period came to an end on 25.05.2024 and the Company
Appeal (AT) (Ins.) No. 1528 of 2024 against order dated 25.04.2024 has been
filed beyond the condonable period. Learned counsel for the Appellant
submits that since the Appellant has filed an IA No.293 of 2023 for recall of
the order dated 25.04.2024, which has been decided on 06.06.2024, hence,
the delay in filing the Company Appeal (AT) (Ins.) No. 1528 of 2024 may be
condoned. Learned counsel for the Respondent submits that the appeal
against order dated 25.04.2024 has been filed beyond the condonable period,
hence, the same cannot be condoned. In so far as Company Appeal (AT) (Ins.)
No. 1531 of 2024 is concerned, there is delay of only 6 days i.e. within the
condonable period.
After hearing learned counsel for the parties, we are of the view that
delay condonation application I.A. No. 5536 of 2024 in Company Appeal (AT)
Company Appeal (AT) (Insolvency) No.1528 & 1531 of 2024 3
(Insolvency) No. 1528 of 2024 praying for condonation of delay which is
beyond 15 days cannot be accepted. I.A. No. 5536 of 2024 is rejected. In
result, memo of appeal of Company Appeal (AT) (Insolvency) No. 1528 of 2024
challenging order dated 25.04.2024 is also rejected.
Now coming to I.A. No. 5543 of 2024 in Company Appeal (AT)
(Insolvency) No. 1531 of 2024, there is delay of 6 days in filing the appeal.
Sufficient cause has been shown in the application for condonation of delay
in filing the appeal. Delay is condoned. Appeal is entertained against order
dated 06.06.2024. I.A. No.5543 of 2024 is disposed of.
List Company Appeal (AT) (Insolvency) No. 1531 of 2024 for admission
on 05.12.2024.
[Justice Ashok Bhushan] Chairperson
[Barun Mitra] Member (Technical)
[Arun Baroka] Member (Technical) Archana/nn
Company Appeal (AT) (Insolvency) No.1528 & 1531 of 2024
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