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TMI Blog2018 (1) TMI 313X X X X Extracts X X X X X X X X Extracts X X X X ..... petitioner companies. Procedural mandate cannot prevail over substantial justice. It is pertinent to note here that the order in question has not been communicated by the registry in time for effecting compliance. Besides the petitioners have placed sufficient, convincing and adequate grounds for condonation of delay. Thus the delay in filing the requisite certificates is condoned . - Company Application No. 381 (PB) OF 2017 In C.P. NO. 572 of 2016 - - - Dated:- 7-11-2017 - MR. R. VARADHARAJAN AND MR. S. K. MOHAPATRA, JJ. For The Petitioners : Rajeev K. Goel, Advocate ORDER Per : S. K. Mohapatra, Member (Technical) The present joint application has been filed under provisions of Rules 11 and 15 of the National Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the accounting standards prescribed under section 133. (Emphasis given). 4. The use of word Shall in the aforesaid provisions is clearly mandatory and therefore, as per the statutory mandate compromise/arrangements cannot be sanctioned in the absence of requisite certificate from the statutory auditor. Accordingly in the aforesaid order dated 26th May, 2017 passed in C.P. No. 572 of 2016 two weeks time was granted till 9th June, 2017 to the petitioners to file the said certificates from the statutory auditors of all the petitioner companies. 5. It is the precise case of the petitioners that since the petitioners counsel did not have the information of the pronouncement of the aforesaid order, there is a delay of about 97 days i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the delay of 97 days in submitting the said certificates may be condoned. 6. Rule 15 of NCLT Rules, 2016 envisages that : 15. Power to extend time.- The Tribunal may extend the time appointed by these rules or fixed by any order, for doing any act or taking any proceeding, upon such terms, if any, as the justice of the case may require, and any enlargement may be ordered, although the application therefore is not made until after the expiration of the time appointed or allowed. 7. Under the inherent power provided under Rule 11 read with aforesaid Rule 15 of NCLT Rules, 2016 the Tribunal is clearly empowered to extend period of compliance, although as per the said order the CP has already stood rejected. Acceptance of the r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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