Examples of NCLAT in a sentence
On this contention, the Ld. Counsel for the RP relied upon the judgment dated 12.01.2023 by the Hon’ble NCLAT in the case of Sunil Kumar Agrawal vs.
In the event the NCLAT does not approve the sale of the Company as a going concern to the Successful Bidder, the Liquidator shall have a right (but not an obligation) to file an appeal with the Supreme Court.
The Sale shall be subject to the operation of any stay/ injunction/restraint order passed by the Hon’ble NCLT/ NCLAT/ High Court/ Supreme Court or any other Court/ Tribunal, if any.
Respondent relied upon the Judgements in the case of `Ramesh Kymal’ Vs. `Siemens Gamesa Renewable Power (P) Ltd.’, (2021) 3 SCC 224, and `Zhejiang Industrial Group Co. Ltd.’ Vs. `Al Badr Seafoods Private Limited’, 2023 SCC OnLine NCLAT 573.
The possession will not be handed over to the Successful Bidder pending operation of any stay/ injunction/restraint order passed by Hon’ble NCLT/ NCLAT/ High Court/ Supreme Court or any other Court/Tribunal.
The Learned ‘Adjudicating Authority’, while passing the ‘Impugned Order’ dated 10.1.2020 in CA No. 87/CTB/2019 (arising out of CA(IB).CTB/2019 (arising out of IA(IB) NO.21/CTB/2019 in TP No.40/CTB/2019 (arising out of CP(IB) No.24/KB/2018 )at Paragraphs 11 and 12 had observed the following :Para 11.“The Hon’ble Supreme Court and Hon’ble NCLAT has time and again held and also under the provisions of IBC, 2016, that there is no provisions under the IBC, 2016 nor under the NCLT Rules to review its own order.
Further, the Respondent has placed reliance on the Judgment of the Hon’ble NCLAT in the matter of Mr. Rakshit Dhirajlal Doshi vs IDBI Bank Limited and Ors.
Regarding exclusion of period taken for obtaining certified copy of the Order in computing the period, reference is invited to sub-Rule (2) of Rule 22 of the NCLAT Rules, 2016, regarding presentation of Appeal, which provides that every Appeal shall be accompanied by a certified copy of the Impugned Order.
In case the honorable NCLT does not approve the sale of the Corporate Debtor as a going concern, the Liquidator reserves the right to appeal in the NCLAT, and further in case the NCLAT does not approve the Liquidator reserves the right to appeal in the Supreme Court till the Final Order comes.
In the event, the Final Order is passed by the Judicial Authority rejecting the sale on going concern basis pursuant to this E-Auction Process Document and the same is not appealed by the Liquidator in the NCLAT or the Supreme Court (as the case may be), the Liquidator shall return/refund the EMD and 1st Installment payment made by the Successful Bidder within 60 days from the receipt of the Final Order.