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2022 (11) TMI 1073 - AT - Insolvency and BankruptcySeeking review of the order passed by this Tribunal - adverse observations and remarks made against the applicant - Section 420(2) of the Companies Act, 2013 - HELD THAT - From the provisions of Section 420(2) of the Companies Act, 2013, the Tribunal may rectify any mistake apparent from the record. However, there is no power of review under the Act. The finding of this Tribunal is on the basis of material available before this Tribunal. Further, in para 47 this Tribunal clearly held that the Applicant suppressed material facts and misguided the members of CoC to achieve the desired decision in favour of DSKL. Further, this Tribunal observed that the adverse remarks and observations made in para 54 of the order of the Adjudicating Authority dated 01.03.2021 are not baseless and further observed that for appreciating the materials on record and to decide the matter, such observations are necessary. It is reiterated that the order passed by this Tribunal dated 28.06.2021 is on the basis of material available before this Tribunal and it cannot be said that the said finding / observation against the Review Applicant is only a patent error. Therefore, the provision relied upon by the Learned Senior Counsel for the Review Applicant is not at all applicable to the facts of the present case. Further, it is made clear that this Tribunal does not have any power to review its own orders. This Tribunal comes to a resultant conclusion that the Application filed by the Review Applicant is without any jurisdiction under law - Application dismissed.
Issues:
1. Review of common judgment/final order dated 28.06.2021 passed by the Appellate Tribunal in two Company Appeal (AT) (Insolvency) cases. 2. Allegations of suppression of facts by the Review Applicant during the Corporate Insolvency Resolution Process (CIRP). 3. Jurisdiction of the Tribunal to review its own orders under Section 420(2) of the Companies Act, 2013. Issue 1: Review of Judgment The Review Application was filed seeking a review of the common judgment/final order dated 28.06.2021 passed by the Appellate Tribunal in two Company Appeal (AT) (Insolvency) cases. The appeals were against the order of the Adjudicating Authority allowing the application challenging the decision of the Committee of Creditors (CoC) to accept the Expression of Interest (EoI) of a party. The Tribunal heard the parties and passed a common order after affording them the opportunity to present their case. Issue 2: Allegations of Suppression of Facts The Review Applicant was accused of suppressing facts during the CIRP, leading to adverse remarks against him in the common impugned order. The Applicant contended that the adverse observations made were errors apparent from the record and sought expungement of the remarks. The Applicant's counsel argued that the record clearly showed that the Applicant had not suppressed information and had communicated his decisions transparently to the CoC and other relevant parties. However, the Respondent's counsel opposed the Review Application, claiming it was not maintainable and lacked merit and jurisdiction. Issue 3: Jurisdiction to Review Orders The Tribunal analyzed the jurisdiction to review its own orders under Section 420(2) of the Companies Act, 2013. While the provision allows rectification of mistakes apparent from the record, it does not confer the power of review. The Tribunal examined the adverse remarks against the Review Applicant in the common order and concluded that they were based on the material available before the Tribunal. The Tribunal emphasized that it did not have the authority to review its own orders and dismissed the Review Application, stating it was without jurisdiction under the law. In summary, the Tribunal dismissed the Review Application as it lacked the jurisdiction to review its own orders under the Companies Act, 2013. The Applicant's contentions of errors in the adverse remarks were not accepted, and the Tribunal upheld the common judgment passed in the two Company Appeal (AT) (Insolvency) cases.
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