The tribunal held that the appeal filed by the corporate debtor against the initiation of CIRP was time-barred and contrary to the Supreme Court's ruling in Innoventive Industries Ltd. The appeal was dismissed as withdrawn.
The appeal was dismissed as withdrawn without liberty to assail the impugned order.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI Company Appeal (AT) (Insolvency) No. 152 of 2019
IN THE MATTER OF:
Narayanaa Electrical Solutions Pvt. Ltd. …Appellant
Vs
HDFC Bank Ltd. ….Respondent
Present:
For Appellant:
Mr. Anil K. Mishra and Mr. Sabithya Krishna A., Advocates.
For Respondent:
O R D E R
15.02.2019: This appeal, directed against the impugned order dated 17th October, 2018, passed by the Adjudicating Authority (National Company Law Tribunal) Bengaluru Bench, by virtue whereof Corporate Insolvency Resolution Process has been triggered against the Appellant – Corporate Debtor by exercising powers under Section 7(5)(a) of the I&B Code, 2016 is hopelessly time barred. This is apart from the fact that the appeal has been filed by the Corporate Debtor, which goes against the dictum of the Hon’ble Apex Court laid down in “ Innoventive Industries Ltd. Vs. ICICI Bank and Ors.” – (2018)1 SCC 407. On both counts the appeal is not maintainable.
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any liberty to assail the same very impugned order before this Appellate Tribunal. However, the Appellant shall not be precluded from seeking other legal remedies available under law. I. A. No. 545 of 2019 stands disposed of.
[Justice Bansi Lal Bhat] Member (Judicial)
am/sk
Company Appeal (AT) (Insolvency) No. 152 of 2019
3 issues framed by the court
Whether an appeal against the initiation of Corporate Insolvency Resolution Process filed by the Corporate Debtor is maintainable.
Whether the I.B.C. appeal against an order initiating CIRP filed by the Corporate Debtor is time-barred
Whether the corporate debtor can assail an order initiating CIRP against itself
Colour shows how this judgement treated each authority
Innoventive Industries Ltd. Vs. ICICI Bank and Ors.Applied¶11
(2018)1 SCC 407 · Who else cites this
1 provisions across 1 enactments
Narayanaa Electrical Solutions Pvt. Ltd.
HDFC Bank Ltd.
Bansi Lal Bhat
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
