In absence of any typographical error, it is not open to the Adjudicating Authority to take any recourse of Section 420(2) of the Companies Act, 2013-Mr. Dinesh Goyal Vs. DCB Bank Ltd.-NCLAT

DCB Bank Limited- (Financial Creditor) filed application under Section 7 of the Code against M/s. Fort Biotech Private Limited- (Corporate Debtor) which was admitted on 8th March, 2019. Though no petition on behalf of the Corporate Debtor (M/s. Fort Biotech Private Limited) was maintainable through the suspended Board of Directors having taken over by the IRP on behalf of the Corporate Debtor, an application was filed for review or recall of the order dated 8th March, 2019 on the ground that the Corporate Debtor had not received the notice as there was a dispute between the landlord of premises with the Corporate Debtor. The Adjudicating Authority (NCLT), Jaipur Bench (Rajasthan) by impugned order dated 7th June, 2019 held that it has no power of review nor it can recall the order under Rule 11 of the National Company Law Tribunal Rules, 2016. NCLAT has affirmed the above decision of the NCLT. 

Chapter-XXVII National Company Law Tribunal (NCLT) and Appellate Tribunal (NCLAT) (Companies Act, 2013)

COMPANIES ACT, 2013 CHAPTER XXVII NATIONAL COMPANY LAW TRIBUNAL AND APPELLATE TRIBUNAL (Section 407 to 433) Section 407: Definitions (w.e.f. 12.09.2013): 407. In this Chapter, unless the context otherwise requires,— (a) “Chairperson” means the Chairperson of the Appellate Tribunal; (b) “Judicial…

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