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2023 (5) TMI 200 - AT - Insolvency and BankruptcyCondonation of delay in filing appeal - Appeal was filed presumably on 10.09.2022 i.e. after the period of 45th days from the date of receipt of the Impugned Order on 27.07.2022 - Because of the sudden rise of corona cases in Delhi and Kolkata, the Appellants were restrained from travelling and thus, could not complete the required process in time and that is the reason for delay in filing of the present appeal. HELD THAT - The impugned order was passed on 18.07.2022 and the instant Appeal was filed on 13.09.2022 with delay of about 54 days. The Appellant applied for certified copy of the order on 26.07.2022 and received on 27.07.2022 even if the time consumed obtaining certified copy of the order is excluded, the Appeal has been filed beyond the limitation period. This Tribunal has power to condone the delay is only of 15 days. The Counsel for the Appellant sought to contend that the Limitation will start running when the Order is communicated to the Appellant. The said submission cannot be accepted. The Order was passed on the Application filed by the Resolution Professional and from the date when the order was pronounced, limitation shall start running. There is no ground to condone the delay. In view of the judgment of V. Nagarajan Vs. SKS Ispat and Power Limited Another 2021 (10) TMI 941 - SUPREME COURT , the instant appeal is time barred in as much as it has been filed beyond the period of limitation. Application dismsissed.
Issues Involved:
1. Appeal against order of National Company Law Tribunal related to payments made to related parties by Corporate Debtor. Summary: The Appellate Tribunal heard Company Appeal (AT) (Insolvency) No. 1224 of 2022 filed by two Appellants against an order passed by the National Company Law Tribunal, Kolkata Bench, allowing the Resolution Professional's application for payment of Rs. 72.45 crores by Respondent Nos. 1 & 2 on behalf of the Corporate Debtor. The Appellants sought to appeal this order under Section 61 of the Insolvency and Bankruptcy Code, 2016, citing delay due to COVID-19 restrictions hindering their ability to file within the time limit. The Respondent argued that the appeal was filed after the limitation period and cited a Supreme Court judgment emphasizing the importance of timely appeals under the IBC. The Respondent contended that the Appellants were informed of the order promptly, and thus, the delay in filing the appeal cannot be condoned. The Tribunal examined the provisions of Section 61 of the Code regarding appeals and appellate authority. It noted that the Appellants failed to file the appeal within the prescribed time frame, even after excluding the time taken to obtain a certified copy of the order. Referring to the Supreme Court judgment, the Tribunal emphasized the need for timely appeals in matters related to insolvency and upheld the dismissal of the Delay Condonation Application and rejection of the Memo of Appeal. In conclusion, the Appellate Tribunal dismissed the Delay Condonation Application and rejected the Memo of Appeal, ruling that the appeal was time-barred and filed beyond the period of limitation as per the provisions of the Insolvency and Bankruptcy Code.
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