AI Structured Summary
Not yet generated for this judgment
Judgment
[Per: Justice Sharad Kumar Sharma, Member (Judicial)]
In the instant appeal, the Appellant who happens to be the Liquidator for SLO Industries Limited has questioned the propriety of the impugned order of 19.02.2025, which has been passed on IA(IBC)/1336/(CHE)2023, as it stood preferred in CP/1264/2018, being the proceedings which have been held under Section 66 of I & B Code, 2016, to be read with Rule 11 of the NCLT Rules of 2016.
As a consequence of the conclusion of the aforesaid proceedings, the same stood adjudicated by the NCLT vide the impugned order of 19.02.2025, whereby the Ld. The Adjudicating Authority had come to the following conclusions:
“8.3.Based on the above analysis, we find that the following transactions are the fraudulent transactions
a)Purchase of immovable Properties in the name of SLO Steel Ltd. for Rs. 0.62 crore.
b)Misuse of LC limit obtained from Corporation Bank and receipts from related parties before payment of LC to the extent of Rs. 65.0 Crores.
8.4.We therefore hold that the respondents shall jointly and severally be liable to make such contributions to the assets of the corporate debtor to the extent of Rs. 65.62 crores.”
It is these observations, which have been put to challenge by the Liquidator Ms. Revathi S. Raghunathan, by preferring this instant Company Appeal, by invoking the provisions contained under Section 61 of I & B Code, 2016. The company appeal is accompanied with two interlocutory applications, which are:-
An Exemption Application being IA No. 682/2025 wherein the Appellant has prayed for grant of an exemption from producing the certified copy of the impugned order dated 19.02.2025.
The Condone Delay Application being IA No. 683/2025 where the Appellant has sought a condonation of 14 days of delay in preferring the appeal.
The appeal was addressed upon by the learned counsel for the Appellant on the Condone Delay Application. Obviously it is bound to be considered within the ambit of the restrictions imposed by Section 61(2) of the I & B Code, 2016, which happens to be the provision governing the aspect of limitation in filing of the appeals under Section 61 of the I & B Code, 2016. As per the provisions contained under Sub-Section (2) and particularly that as contained under the proviso to Section 61(2) of the I & B Code, 2016, the upper period of limitation prescribed is that of 45 days from the date of passing of the impugned order/judgment. Even if we start counting from the date of uploading of the order, then too the prescribed limit of 45 days cannot be extended by applying the general law of limitation.
Upon scrutiny of the application preferred for seeking condonation of delay, what could be derived from it is that the order was rendered on 19.02.2025 and it was uploaded on the same date. The Appellant applied for the certified copy of the order on 01.04.2025, well after the expiry of 30 days period. But be that as it may, after passing of the order on 19.02.2025, the records of the registry of this Tribunal show that the appeal was preferred by e-filing the same before the Registry on 05.04.2025. Because of the fact that the appeal was e-filed on 05.04.2025, the act of filing of the appeal is well within the 45 days from the date of uploading of the order and the date of pronouncement of the order as well, for the reason being that the date of pronouncement & uploading happens to be 19.02.2025, and as per Rule 3 of NCLAT Rules, 2016, the day from which the said limitation period is to be reckoned, shall be excluded.
In that eventuality, since the appeal was filed on 05.04.2025, the date of filing is falling to be within 45 days, which is the upper limit prescribed under the Proviso to Section 61(2), and accordingly, the appeal would be treated to be well within time. Besides that, the reason which has been given in the Condone Delay Application, particularly that has contained in para 3A, seems to be reasonable and justified.
Consequentially, the delay, which is being sought to be condoned by filing the IA No. 683/2025, would stand ‘allowed’, and the delay of 15 days, which has chanced in preferring the appeal, would hereby stand condoned.
List this appeal for ‘admission’ on 23.06.2025.