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TMI Blog2020 (8) TMI 349X X X X Extracts X X X X X X X X Extracts X X X X ..... lvency and Bankruptcy Code provides that the Appellate Tribunal may allow an Appeal to be filed after the expiry of the statutory period of 30 days. Still, in no circumstances, such extended period shall exceed 15 days. The language of the proviso to Section 61(1)of the I B Code makes it clear that this Tribunal does not have the power to extend the time limit beyond 15 days, in addition to the statutory time limit of 30 days. It is also clear that this extension of 15 days depends upon the satisfaction of the Appellate Tribunal, on being shown the sufficient cause for not filing the Appeal within the time limit. The moratorium order passed under sub-section (1) to Sec 14 of the I B Code does not apply to the surety in a contract of guarantee to a Corporate Debtor. Therefore, in the circumstances, the Adjudicating Authority passed the Order that the performance guarantee given by the bankers on behalf of the Corporate Debtor, whereby simply to set off the money in the event of an order was passed in favour of the Corporate Debtor, cannot be interfered with the performance guarantee with regard to another contract - the Adjudicating Authority has rightly refused to grant an in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... impugned Order was passed on 31st December 2019, but the certified copy and free copy of the Impugned Order has not been issued to date. An unsigned copy of Order was uploaded on the website on 12th March 2020 with wrong details of the name of the Members, who had passed the Order. After that corrected unsigned copy of the Order with the correct name of Members was uploaded. Therefore, no copy of the Order was available till 12th March 2020. Consequently, the Appeal could have been filed up to 11th April 2020. But as per Order of the Hon ble Supreme Court dated 23rd March 2020 limitation stands extended from 15th March 2020 onwards. In the circumstances, it is claimed that Appeal is not time-barred. 2. We have heard the arguments of the Learned Counsel for the parties and perused the records. 3. Appellant has filed this Appeal on 08th June 2019 against the Order dated 31st December 2019 passed by the Adjudicating Authority/NCLT, Chennai Bench, Chennai. As per Section 61 of the Insolvency and Bankruptcy Code, 2016, the Appeal filed before this Appellate Tribunal against Order of the Adjudicating Authority can be filed within 30 days. The relevant provision of the Code is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o more. 36. Section 64 of the Code mandates that where these timelines are not adhered to, either by the Tribunal or by the Appellate Tribunal, they shall record reasons for not doing so within the period so specified and extend the period so specified for another period not exceeding 10 days. Even in appeals to the Supreme Court from the Appellate Tribunal under Section 62, 45 days' time is given from the date of receipt of the order of the Appellate Tribunal in which an appeal to the Supreme Court is to be made, with a further grace period not exceeding 15 days. The strict adherence of these timelines is of essence to both the triggering process and the insolvency resolution process. As we have seen, one of the principal reasons why the Code was enacted was because liquidation proceedings went on interminably, thereby damaging the interests of all stakeholders, except a recalcitrant management which would continue to hold on to the company without paying its debts. Both the Tribunal and the Appellate Tribunal will do well to keep in mind this principal objective sought to be achieved by the Code and will strictly adhere to the time-frame within which they are to decide m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... held that the strict adherence of these time lines is of essence to both the triggering process and the Insolvency Resolution Process. 9. This Tribunal in the case of Pr. Director of Income Tax (supra) has held that no appeal under Sub-Section 1(61) can be entertained after 45 days of knowledge of the order passed by the Adjudicating Authority. In this case the Appellant contends that delay in filing in appeal was caused due to non-availability of certified/free copy of order till 12th March 2020. Appellant has not pleaded that he was not having knowledge of the impugned order of the Adjudicating Authority dated 31stDecember 2019. Appellant has neither filed any Application for Condonation of Delay nor filed any evidence to prove that certified/free copy was not supplied to the Appellant on the date of order. This Tribunal cannot extend the time limit of filing of appeal without any application for Condonation of Delay. It is also important to mention that this Tribunal has very limited jurisdiction to extend the time limit of 15 days on satisfaction and sufficient cause only. 10. It is also pertinent to mention that Rule 22 of the National Company Law Appellate Tribunal Rule ..... X X X X Extracts X X X X X X X X Extracts X X X X
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