The CESTAT, an Appellate Tribunal, addressed the issue of ...

CESTAT: After NCLT approves resolution plan, appeal can't continue. Tribunal can't act beyond its powers. Appeal abates.

Case Laws Customs

June 25, 2024

The CESTAT, an Appellate Tribunal, addressed the issue of continuing an appeal post the NCLT's approval of the resolution plan. Referring to Rule 22 of CESTAT (Procedure) Rules, 1982, it was held that the appeal abates once a successor interest with sufficient rights is appointed by NCLT. Citing precedents, including the Supreme Court's ruling, it was established that the Tribunal's powers are limited by statute. Therefore, any order exceeding statutory powers is invalid. In line with Rule 22, the appeal abates upon IRP appointment or plan approval. The decision to abate the appeal aligns with the provisions of CESTAT (Procedure) Rules, 1982.

View Source

← Previous Next →

The CESTAT, an Appellate Tribunal, addressed the issue of ...

CESTAT: After NCLT approves resolution plan, appeal can't continue. Tribunal can't act beyond its powers. Appeal abates.

Case Laws Customs

June 25, 2024

You may also like:

The case involves an appeal before CESTAT regarding continuation post Corporate Insolvency Resolution Process (CIRP) under IBC, 2016. NCLT approved a Resolution Plan...

Immunity to corporate debtors and their assets, upon approval of a resolution plan - jurisdiction of NCLT to release the attached properties by invoking Section 32A of...

Reduction of Share Capital - Allegation on unfair valuation Minority shareholders opposed the scheme - Power to modify the resolution / scheme approved in the EOGM - it...

Seeking abatement of appeal - CIRP - from the date of approval of the resolution plan by the NCLT, the appeal filed by the applicant has abated and CESTAT has become...

Validity of Assessment Order u/s 143(3) once the Resolution Plan is approved under the Code - CIRP proceedings under IBC - The resolution plan approved by the NCLT is...

Recovery of excise duty, which got extinguished on approval of resolution plan - Section 31(1) of the IBC, 2016 mandates that the resolution plan approved by the NCLT...

Fresh consideration of resolution plan after a resolution approved by the CoC - Direction given by the NCLAT that Corporate Insolvency Resolution Process (CIRP) to be...

CESTAT (Appellate Tribunal) addressed whether appeals continue post initiation of Corporate Insolvency Resolution Process (CIRP) and approval of Resolution plan u/s...

Approval of Resolution Plan - NCLAT / NCLT kept the application pending and Directed the Official Liquidator (OL) to carry out a re-valuation of assets - if after...

Entertainment of claims made by creditors after approval of Resolution Plan - A stakeholder cannot afford to sleep over his claims and fail to submit it on time and come...

Approval of resolution plan - proceeding for liquidation of the company after non-compliance of approved resolution plan - Relief granted further 30 days given to make...

The CESTAT, an Appellate Tribunal, addressed the issue of abatement of appeal following NCLT's approval of a Resolution Plan. Citing precedents from Mumbai and Hyderabad...

Refund of Service Tax - CIRP proceedings against the appellant - In the Resolution Plan, there has not been any provision made with regard to the pendency of this case....

Direction to COC to consider ineligibility of 3rd Respondent under Section 29A of I&B Code - as per the Provisions of Law, the COC has power to take a decision with...

Approval of resolution plan with modification - Power of NCLT to modify the plan - Section 31 of the IBC - It is clear that mandate of legislation is either to approve...

Quick Updates: