2022 (11) TMI 1073 - AT - Insolvency & Bankruptcy
Seeking review of the order passed by this Tribunal - adverse observations and remarks made against the applicant - Section 420(2) of the Companies Act, 2013 - HELD THAT:- From the provisions of Section 420(2) of the Companies Act, 2013, the Tribunal may rectify any mistake apparent from the record. However, there is no power of review under the Act.
The finding of this Tribunal is on the basis of material available before this Tribunal. Further, in para 47 this Tribunal clearly held that the Applicant suppressed material facts and misguided the members of CoC to achieve the desired decision in favour of DSKL. Further, this Tribunal observed that the adverse remarks and observations made in para 54 of the order of the Adjudicating Authority dated 01.03.2021 are not baseless and further observed that for appreciating the materials on record and to decide the matter, such observations are necessary.
It is reiterated that the order passed by this Tribunal dated 28.06.2021 is on the basis of material available before this Tribunal and it cannot be said that the said finding / observation against the Review Applicant is only a patent error. Therefore, the provision relied upon by the Learned Senior Counsel for the Review Applicant is not at all applicable to the facts of the present case. Further, it is made clear that this Tribunal does not have any power to review its own orders.
This Tribunal comes to a resultant conclusion that the Application filed by the Review Applicant is without any jurisdiction under law - Application dismissed.