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2023 (2) TMI 141 - AT - Insolvency & BankruptcySeeking to excuse the Delay of 15 days, in preferring the instant Appeal - time limitation - case of petitioner is that it was unable to file the instant Appeal, within the Statutorily Mandated Period, as it was facing some financial issues, due to the sudden turn of Economic Events, caused by the Russian Ukraine War - HELD THAT:- The Equity, underlying Section 14 of the Limitation Act, 1963, that it should apply to its full extent and the time taken for diligently prosecuting a remedy in a wrong Forum, should be excluded, as per the decision of the Hon’ble Supreme Court of India, in Consolidated Engineering Enterprises v. Principal Secretary, Irrigation Department, [2008 (4) TMI 668 - SUPREME COURT]. In view of the fact that the Petitioner / Appellant had approached the Adjudicating Authority (NCLT) / High Court, for one reason or the other, indulging in Bona fide Litigious Activity, it can seek / avail, the aid of Section 14 of the Limitation Act, 1963, as opined by this Tribunal. Section 424 of the Companies Act, 2013, provides that in disposing of any Proceeding, the Tribunal (Adjudicating Authority / NCLT) and the Appellate Tribunal (NCLAT), shall be guided by the Principles of Natural Justice, and subject to the other provisions of this act (or of Insolvency and Bankruptcy Code, 2016 (31 of 2016) and of any Rules, made thereunder. Further, the Tribunal (NCLT) and the Appellate Tribunal (NCLAT) do have Power, to regulate to their own procedure. This Tribunal, on a consideration of the entire conspectus of the attendant facts and circumstances of the instant case, keeping in mind that the Petitioner / Appellant, had initiated Legal Proceedings, in an Inappropriate Forum, the ingredients of Section 14 of the Limitation Act, 1963, gets attracted, applying the same, and taking note of the instant Comp. Appeal, was filed by the Petitioner / Appellant, on 13.08.2022, well within the Limitation Period, accordingly, disposes of the instant IA No. 89 of 2023. Application disposed off.
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