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TMI Blog2017 (1) TMI 124X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeal under Section 10-F of the Companies Act 1956 (hereinafter 'the Act of 1956') seeks to impugn orders dated 10.03.2015 passed by the Company Law Board in Company Application No.143 (ND)/2014 in Company Petition No.114 (ND)/2013 and the one dated 04.03.2016 in Company Application No.135(ND)/2015 also in Company Petition No.114 (ND)/2013. The facts in this appeal are that the appellants alongwith the respondent no.7 and 11 before this Court filed a company petition under Section 397, 398, 111, 237, 401, 403, 634-A and Scheduled XI appended to the Act of 1956 against the alleged operation and mismanagement by the majority shareholders of the respondent no.1 Umang Boards Private Limited. By an interim order dated 10.03.2015 the Company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .03.2015 passed by the Company Law Board was filed on 13.05.2016, i.e. much beyond the maximum 120 days available in law for filing an appeal. It was submitted that no further condonation of delay in filing the appeal with reference to the Limitation Act 1963 is permissible in view of Section 29 (2) thereof. Consequently the appeal for having been admittedly filed beyond 120 days of the communication of the order of Company Law Board passed on 10.03.2015 be dismissed. Counsel then submitted that the challenge to the CLB's subsequent order dated 04.03.2016 is without merit, inasmuch as the Company Law Board has rightly held that the application purportedly filed under Section 151, 152 CPC read with Rules 44, 45, 46 of the Regulations of 1991 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an appeal cannot be expanded more than 120 days. The Limitation Act 1963 is excluded as Section 10-F of the Act of 1956 provides limitation under a Special Act Section 29 (2) of the Limitation Act 1963 itself states that:- 29(2). Where any special or local law prescribes for any suit, appeal or application a period of limitation different from the period prescribed by the Schedule, the provisions of Section 3 shall apply as if such periods were the periods prescribed by the Schedule and for the purpose of determining any period of limitation prescribed for any suit, appeal or application by any special or local law, the provisions contained in sections 4 to 24 (inclusive) shall apply only in so far as, and to the extent to which, they are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h either on its own motion or on the application of any party. 46. General power to amend-A Bench may, at any time, and on such terms as to costs or otherwise as it may think fit, amend any defect or error in any proceeding before it; and all necessary amendments shall be made for the purpose of determining the real question or issue raised by or depending on such proceeding. Regulations 44 is in the nature of inherent power of the Company Law Board a la Section 151 CPC. It cannot possibly be argued that the inherent powers of the Company Law Board empower it to reconsider on merits its own order. Regulations 45 is confined to the Company Law Board making corrections of clerical or arithmetical mistakes or error arising from any accident ..... X X X X Extracts X X X X X X X X Extracts X X X X
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