Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + SCH Insolvency and Bankruptcy - 2024 (5) TMI SCH This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (5) TMI 139 - SC ORDERJurisdiction of NCLT - Constitution of its Benches - Competency of Member of the Tribunal to function as a Bench - Admitting an application under Section 9 IBC 2016 - NCLAT observed that the Member (Judicial) has not been authorized by the President under Proviso Section 419(3) to exercise the powers of the Tribunal - Admission of application for initiation of CIRP -HELD THAT:- In exercise of power under proviso to Section 419(3) of the Act, the President has constituted a Special Bench at New Delhi for 13.02.2020 and 14.02.2020 comprising of Single Member (Judicial). The Member (Judicial) heard the application under Section 9 on 04.02.2020 and delivered the judgment on 17.08.2020. It is apparent that the Appellate Tribunal did not have the benefit of the above referred notification dated 12.02.2020 before it arrived at its decision. The order impugned clearly notes that, “nothing has been brought to our notice during the course of hearing that the President of the Tribunal had issued any general or special order to give power to the single member (Judicial Member) to function as a bench”. The civil appeal is allowed.
|