2023 (4) TMI 1273 - SCH - Insolvency and Bankruptcy

Seeking refund to the Corporate Debtor s Account in the Corporate Insolvency Resolution Process - existence of sufficient cause and non-appearance of the parties or not - it was held by NCLAT that Although the Plea of Covid-19 Pandemic, appears to be a persuasive one, at the first blush, on acceptable one, on going through the spirit and tenor of the Counter filed by the Respondent, this Tribunal without any haziness, comes to an inevitable and inescapable conclusion that there is no Sufficient Cause / Good Cause for Allowing the application. HELD THAT - There are no reason to interfere with the impugned order dated 25 January 2023 passed by the National Company Law Appellate Tribunal at Chennai - appeal dismissed.

Summary

The Supreme Court of India dismissed the Civil Appeal and upheld the order passed by the National Company Law Appellate Tribunal in Company Appeal (AT) (CH) (Insolvency) No 446 of 2022. Pending applications were disposed of.