Smt.Aruna Patel vs 1.Punjab National Bank 2.Satyendra ...
- CitationCompany Appeal (AT) (Insolvency) No. 525 of 2021
Ratio decidendi
The rule this decision rests on
In Company Appeal (AT) (Insolvency) No. 525 of 2021, an appeal under Section 61(2) of the Insolvency and Bankruptcy Code, 2016 must be filed within 30 days of the impugned order, extendable by the Appellate Tribunal by no more than 15 days; an appeal filed beyond that outer limit is time-barred and cannot be entertained. A person who has ceased to be a promoter and holds only shares in the corporate debtor, where an earlier appeal against the same order by a former director has already been dismissed on merits, does not thereby obtain a fresh right to challenge that order; such an appeal is not maintainable, and the Tribunal will not admit it.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Smt. Aruna Patel ....Appellant Vs. Punjab National Bank & Anr. ...Respondents For Appellant: Mr. Amit Pawan, Ms. Arti Sharma, Mr. Akshat Srivastava, Ms. Suruchi Kasliwal, Advocates.
Company Appeal (AT) (Insolvency) No. 526 of 2021
In the matter of:
Smt. Aruna Patel ....Appellant Vs. Punjab National Bank & Anr. ...Respondents For Appellant: Mr. Amit Pawan, Ms. Arti Sharma, Mr. Akshat Srivastava, Ms. Suruchi Kasliwal, Advocates.
ORDER
(Through Virtual Mode)
30.07.2021: Heard Learned Counsel Mr. Amit Pawan for the Appellant
in both the Appeals. Company Appeal (AT) (Insolvency) No.525 of 2021 has
been filed against order of admission of Application under Section 7 of the
Insolvency and Bankruptcy Code, 2016 ("IBC" for short) against the Corporate
Debtor- 'Atlas Alloys (India) Pvt. Ltd.'. Company Appeal (AT) (Insolvency)
No.526 of 2021 has been filed against the order of liquidation passed in regard
to the same Corporate Debtor. Both the Appeals have come up for admission.
Contd/-...........
2
Company Appeal (AT) (Insolvency) No.525 of 2021
2. This Appeal has been filed by the Appellant, who claims to be the
Promoter/ Shareholder of the Corporate Debtor- 'Atlas Alloys (India) Pvt. Ltd.'.
The Appeal is filed against impugned order dated 20.09.2019 passed by the
Adjudicating Authority (National Company Law Tribunal), Jaipur Bench
(Rajasthan) in CP No. (IB)- 205/7/JPR/2019. The Application under Section
7 filed by the Punjab National Bank against the Corporate Debtor was
admitted by the impugned order. The Appeal has been filed against the
impugned order on 02.07.2021 as per the Registry's endorsement on the
paper book of the Appeal.
3. Under Section 61(2) of the IBC, the period for filing of Appeal is 30 days
and the time which can be condoned by this Tribunal beyond the period of
Appeal is of 15 days. The impugned order being dated 20.09.2019, the
limitation expired after period of Appeal and another 15 days and the present
Appeal is clearly time barred.
4. Apart from the above, (in case at any point of time it is found that we
should have looked into the merits) the ground raised is of limitation with
regard to the debt concerned. What appears is that the Corporate Debtor was
declared NPA on 15.09.2017. The record does not disclose the date of filing of
Application under Section 7 of the IBC. However, the impugned order itself is
of 20.09.2019 and there is no substance in the claim that the debt was time
barred.
Company Appeal (AT) (Insolvency) Nos. 525 & 526 of 2021 3
5. Yet again the Learned Counsel for the Appellant submits that the
Appellant was earlier Promoter and now is only a Shareholder. Record of this
Tribunal shows that Mr. Girish Baduni, Ex Director of the Corporate Debtor
had already filed Company Appeal (AT) (Insolvency) No. 290 of 2020 against
the same impugned order which had come up before this Tribunal and after
hearing the parties, the Appeal has been dismissed vide order dated
27.08.2020. In this view of the matter also, the present Appeal now filed
through Shareholder is not maintainable. Looking at the Appeal from any
angle, we do not find that this Tribunal needs to be entertained.
6. We decline to admit the Appeal. The Appeal is disposed of, accordingly.
Company Appeal (AT) (Insolvency) No.526 of 2021
Heard.
2. Issue Notice. Appellant to provide mobile Nos./ e-mail address of the
Respondent. Notice be issued through e-mail or any other available mode.
Requisites along with process fee be filed by 3rd August, 2021.
3. Counsel for the Appellant submits that the Liquidator has issued notice
for e-auction. He seeks stay to the steps being taken by the Liquidator.
Considering Impugned Order, the record and the time bound procedure
under the IBC, we do not think that granting stay to the liquidation
proceeding would be appropriate. If the Appellant succeeds, it would be for
this Tribunal to mold relief.
Company Appeal (AT) (Insolvency) Nos. 525 & 526 of 2021 4
4. List the Appeal for 'Admission (After Notice) Hearing' on 16th September,
2021.
[Justice A.I.S. Cheema] The Officiating Chairperson
[Dr. Alok Srivastava] Member (Technical)
Anjali/g
Company Appeal (AT) (Insolvency) Nos. 525 & 526 of 2021
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