Need to introduce legal framework to give us supervisory jurisdiction over NCLTs: NCLAT

The National Company Law Appellate Tribunal(NCLAT) proposed in a recent case that there is a necessity to vest in it the power of superintendence and control over the National Company Law Tribunals.

A Division Bench of NCLAT comprised of Justice Bansi Lal Bhat and Dr. Ashok Kumar Mishra urged to make this observation once it took note of the many appeal cases before it arising out of repeated adjournments.

In this appeal before the NCLAT, a Resolution Plan under the Insolvency & Bankruptcy Code was pending approval before the Adjudicating Authority i.e. NCLT, Principal Bench since 2019.Thus, the Appellant was aggrieved with the frequent adjournments by the NCLT.It was discovered and recorded that the matter before the NCLT had been adjourned as many as 18 times.

The NCLAT additionally discovered that there was no order on merit in the present appeal and even the date on that matter which was posted for hearing before the NCLT had elapsed.Consequently, the appeal would now not lie.

Thus, the appeal was disposed of with a direction to the NCLT to pass an order on merit in regard to the Resolution Plan pending consideration before it within two weeks.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s