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TMI Blog2019 (8) TMI 1492X X X X Extracts X X X X X X X X Extracts X X X X ..... ant or any other Shareholder/Director to move before the Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench for exercising its inherent power conferred under Section 11 of the NCLT Rules, 2016, on the ground that the Appellant intends to settle the matter and has deposited the claimed amount with the Hon'ble High Court of Karnataka and passing an appropriate order under Rule 11, taking into consideration that the 'Committee of Creditors' has not yet been constituted. Appeal dismissed being barred by limitation. - Interlocutory Application No. 2390 of 2019, Company Appeal(AT)(Insolvency) No. 751 of 2019 - - - Dated:- 7-8-2019 - Justice S.J. Mukhopadhaya, Chairperson A.I.S. Cheema, Judicial Member And K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Act, 1963. 3. Section 238A of the I B Code prescribes limitation, as per which the provisions of the Limitation Act, 1963 shall, as far as may be , apply to the proceedings or appeals before the Adjudicating Authority, the National Company Law Tribunal or the Debt Recovery Appellate Tribunal, as the case may be. In this background, a prayer has been made to exclude the period of pendency of the Writ Petition before the Hon'ble High Court of Karnataka. 4. However, proviso to sub-Section (2) of Section 61 of the I B Code does not empower the Appellate Tribunal to condone the delay beyond 15 days after the expiry of the period of 30 days, if it is satisfied that there is sufficient cause shown. The Section 61 reads as follows: - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... heard learned Counsel for the Appellant, we cannot condone the delay of 360 days. However, this order will not come in the way of the Appellant or any other Shareholder/Director to move before the Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench for exercising its inherent power conferred under Section 11 of the NCLT Rules, 2016, on the ground that the Appellant intends to settle the matter and has deposited the claimed amount with the Hon'ble High Court of Karnataka and passing an appropriate order under Rule 11, taking into consideration that the 'Committee of Creditors' has not yet been constituted. However, if the 'Committee of Creditors' has already been constituted, it will be also open to th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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