Mr. Naresh Salecha

The date of default cannot be shifted by a recall notice issued by the Financial Creditor – Sandip Narendrakumar Patel (Promotor/Ex-Director) Yours Ethnic Foods Pvt. Ltd. Vs. Svakarma Finance Pvt. Ltd. and Anr. – NCLAT New Delhi

Hon’ble NCLAT held that the Corporate Debtor cannot be permitted to take advantage of the fact that the Financial Creditor had issued a notice of recall dated 06.11.2020, giving 15 days time, to the Corporate Debtor to pay the same and to calculate the date of default as 21.11.2020 which falls within the cut off period of Section 10A because issuance of recall notice, in pursuance of the clause 10.3 of the agreement, was on the occurrence of any of the events of default, which had already occurred in the month of January or at the most February.

The date of default cannot be shifted by a recall notice issued by the Financial Creditor – Sandip Narendrakumar Patel (Promotor/Ex-Director) Yours Ethnic Foods Pvt. Ltd. Vs. Svakarma Finance Pvt. Ltd. and Anr. – NCLAT New Delhi Read Post »

Limitation for filing appeal under Section 61 of IBC shall start not from the date when it was uploaded by the NCLT on its website but from the date when the order was pronounced – Tarandeep Kaur Ahluwalia and Ors. Vs. One City Infrastructure Pvt. Ltd. and Ors. – NCLAT New Delhi

Hon’ble NCLAT held that:

(i) The limitation shall start not from the date when it was uploaded but from the date when the order was pronounced.
(ii) The period of limitation is to be counted from the date of pronouncement of the order in court on 03.07.2024 and in that process if the limitation is counted then it goes beyond the period of 15 days which cannot be condoned in any manner.

Limitation for filing appeal under Section 61 of IBC shall start not from the date when it was uploaded by the NCLT on its website but from the date when the order was pronounced – Tarandeep Kaur Ahluwalia and Ors. Vs. One City Infrastructure Pvt. Ltd. and Ors. – NCLAT New Delhi Read Post »

An appeal filed by the Corporate Debtor through its Director against CIRP admission order passed under Section 7 of the Code is not maintainable – Krystal Stone Exports Ltd. Vs. Stressed Assets Stabilization Fund and Anr. – NCLAT New Delhi

In this case, an application filed under Section 7 of the Code, 2016 by Financial Creditor against Corporate Debtor has been admitted by NCLT vide order dated 03.05.2024. An appeal against this order was filed by the Corporate Debtor through one of its directors who has been authorised by a board resolution dated 01.12.2023.

Hon’ble NCLAT referring the case in Innoventive Industries Ltd. v. ICICI Bank and Anr. (2017) ibclaw.in 02 SC held the appeal at the instance of the CD against the order of admission passed under Section 7 of the Code is not maintainable.

An appeal filed by the Corporate Debtor through its Director against CIRP admission order passed under Section 7 of the Code is not maintainable – Krystal Stone Exports Ltd. Vs. Stressed Assets Stabilization Fund and Anr. – NCLAT New Delhi Read Post »

Distinction between Review Petition and Recall Petition | The NCLT & NCLAT have inherent powers to recall order but have no power to review its order – Aircastle (Ireland) Ltd. Vs. Mr. Ashish Chawchharia, RP of Jet Airways (India) Ltd. and Ors. – NCLAT New Delhi

Hon’ble NCLAT summarises points on review and recall petition.

(i) Resolution Professional should not be treated as functus officio.
(ii) The power to recall a judgment will not be exercised when the ground for reopening the proceedings or vacating the judgment was available to be pleaded in the original action but was not done or where a proper remedy in some other proceeding such as by way of appeal or revision was available but was not availed. The right to seek vacation of a judgment may be lost by waiver, estoppel or acquiescence.
(iii) However, the Rule cannot be invoked to revisit the findings and it is not open to re-examine the findings. The mistake/error must be apparent on the face of the record and must have occurred due to oversight, inadvertence or human error.
(iv) Once the issue has been corrected by NCLT through suitable corrections, the NCLT has recorded consequential correction in the Order. This is not in nature of review of its order but rather recall.

Distinction between Review Petition and Recall Petition | The NCLT & NCLAT have inherent powers to recall order but have no power to review its order – Aircastle (Ireland) Ltd. Vs. Mr. Ashish Chawchharia, RP of Jet Airways (India) Ltd. and Ors. – NCLAT New Delhi Read Post »

Whether the date of limitation for Section 61 of IBC is to be counted from the date of e-filing or the date of presentation of appeal? – Shree Ganapati Power and Transformers. Vs. Vijeta Projects and Infrastructure Ltd. and Ors. – NCLAT New Delhi

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Whether the date of limitation for Section 61 of IBC is to be counted from the date of e-filing or the date of presentation of appeal? – Shree Ganapati Power and Transformers. Vs. Vijeta Projects and Infrastructure Ltd. and Ors. – NCLAT New Delhi Read Post »

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