Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2019 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (11) TMI 1767 - NATIONAL COMPANY LAW APPELLATE TRIBUNALNEW DELHIMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - time limitation - HELD THAT:- Taking into consideration the fact that the appeal has been preferred by the Appellant within 30 days from the date of knowledge, the appeal is not barred by limitation. However, as the default took place in the year 2012, the Adjudicating Authority (National Company Law Tribunal), Bench-III, New Delhi rightly held that the application under Section 9 of the I&B Code was barred by limitation and mere issuance of raising the bill after long delay, the Operational Creditor cannot take advantage of the claim. If the application under Section 9 was time barred, while dismissing the application, the Adjudicating Authority should not have held that the appeal preferred was frivolous or vexatious which otherwise affect the right of the Appellant to move before the Appropriate Forum. The observation as made at the impugned order by the Adjudicating Authority that the petition was frivolous and vexatious claim and imposed a cost of Rupees One Lakh is set aside. However, the application filed by the Appellant under Section 9 is treated to be dismissed. Appeal disposed off.
|