2023 (7) TMI 1365 - SCH - Insolvency and Bankruptcy

Power of Tribunal to review the judgment versus Power to re-call its order - Larger Bench (5 Members) decision - power to entertain an application for recall of judgment on sufficient grounds - It was held by Principal Bench that This Tribunal is not vested with any power to review the judgment, however, in exercise of its inherent jurisdiction this Tribunal can entertain an application for recall of judgment on sufficient grounds - HELD THAT - The view taken by the Five Judges Bench of the NCLAT not agreed upon and thus there are no reason to interfere with the impugned judgment. Insofar as the endeavour of learned counsel for the appellant to urge on the facts of the case is concerned, that would be a matter to be considered, dependent on the fate when the matter is placed before the appropriate Bench, to be decided on merits. Appeal dismissed.

Summary

The Supreme Court dismissed the Civil Appeal, agreeing with the view taken by the NCLAT. The appellant's arguments will be considered by the appropriate Bench in the future.