CESTAT (Appellate Tribunal) addressed whether appeals continue ...

CESTAT ruled that appeals abate after Corporate Insolvency Resolution Process (CIRP) begins. Tribunal's powers are limited.

Case Laws Central Excise

June 21, 2024

CESTAT (Appellate Tribunal) addressed whether appeals continue post initiation of Corporate Insolvency Resolution Process (CIRP) and approval of Resolution plan u/s Insolvency and Bankruptcy Code, 2016. Referring to M/S. ALOK INDUSTRIES LTD. case, it was noted that Rule 22 applies upon NCLT appointing a successor interest with rights for continuation. Tribunal's powers are limited by statute; exceeding these renders orders invalid. CIRP initiation and Resolution plan approval result in appeal abatement u/s Rule 22 of CESTAT (Procedure) Rules, 1982. Appeals by both parties abated.

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CESTAT (Appellate Tribunal) addressed whether appeals continue ...

CESTAT ruled that appeals abate after Corporate Insolvency Resolution Process (CIRP) begins. Tribunal's powers are limited.

Case Laws Central Excise

June 21, 2024

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