IBC: NCLAT Has No Power To Review Its Judgment, Rules NCLAT Five Member Bench
1 year, 6 months ago

IBC: NCLAT Has No Power To Review Its Judgment, Rules NCLAT Five Member Bench

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Justice Rakesh Kumar, Justice Rakesh Kumar Jain, Dr. Alok Srivastava and Mr. Barun Mitra while adjudicating an appeal filed in Union Bank of India Vs. Dinkar T. Venkatasubramanian & Ors., has held that the power of review is not conferred upon the NCLAT. Reliance was placed on NCLAT three judge bench judgment in Agarwal Coal Corporation Private Limited v Sun Paper Mill Limited & Anr., Company Appeal No. Whether NCLAT judgment in Agarwal Coal Corporation Private Limited Vs Sun Paper Mill Limited & Anr., C.A. NCLAT judgment in ‘Agarwal Coal Corporation Private Limited Vs Sun Paper Mill Limited & Anr.’ and ‘Rajendra Mulchand Varma & Ors Vs K.L.J Resources Ltd. & Anr.’ do not lay down the correct law The Bench observed that since the Supreme Court has held that the Tribunal has inherent power to recall its judgment on appropriate grounds, therefore, the three-Member Bench judgment in ‘Agarwal Coal Corporation Private Limited Vs Sun Paper Mill Limited & Anr.’ and ‘Rajendra Mulchand Varma & Ors Vs K.L.J Resources Ltd. & Anr.’, wherein it has been observed that the Tribunal does not have power to recall, cannot be approved.

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NCLT Empowered Under Rule 43 Of NCLT Rules To Call For Any Information Or Evidence In Its Discretion: NCLAT Delhi
2 years, 3 months ago

NCLT Empowered Under Rule 43 Of NCLT Rules To Call For Any Information Or Evidence In Its Discretion: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Mr. Barun Mitra, while adjudicating an appeal filed in Trident Fabricators Pvt. Ltd. v Hiranmayee Energy Ltd., has held that the Adjudicating Authority under Rule 43 of NCLT Rules, 2016, has ample powers to call for any information or evidence as it …

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