Appeal U/S 61 Of IBC Is Not Maintainable After Dissolution Of Corporate Debtor U/S 54: NCLAT

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member) and Mr. Naresh Salecha (Technical Member) has held that an appeal under section 61 of the IBC cannot be entertained after the dissolution of the corporate debtor under section 54 of the code. Brief Facts This appeal is directed against the order dated 14.09.2022 passed by National Company Law Tribunal ('Tribunal') by which an Interlocutory Application bearing IA No. 2144/2022 filed in Company Petition No. (IB) – 908/ND/ 2020 by the Appellant under Section 60(5) r/w Section 73 of the Insolvency & Bankruptcy Code, 2016 ('Code') has been dismissed. The appellant submitted that though the Corporate Debtor has been dissolved under Section 54 of the Code yet the Appellant can file an application under Section 231 of the Companies Act, 2013 or Section 66 of the Code before the Tribunal. Refuting the submissions, the respondent relied on the NCLAT judgment in Sudhir Kumar Goel & Ors. Vs. M/s Shashi Oils and Fats Pvt. Ltd. & Anr.(2022) where it was held that “the role of this Appellate Tribunal is also restricted within the four walls of the 'Code' & passing of order under Section 54 of the Code brings the Corporate Debtor to a closed chapter”. Observations: The tribunal noted that since the corporate debtor has already been dissolved by an order passed by the Adjudicating Authority under section 54 of the code, the present appeal has become infructuous. Accordingly, the present appeal was dismissed. Case Title:New India Color Company Ltd. Versus Samtex Desinz Pvt. Ltd. (In CIRP) & Anr Case Number: Comp. App. (AT) (Ins) No. 1255 of 2022 & I.A. No. 3839 of 2022 Judgment Date: 03/01/2025 For Appellant : Mr. Manish Raghav & Mr. Shivaansh Dixit, Advocates. For Respondents : Mr. Siddharth Shanka & Mr. Sharique AjmalClick Here To Read/Download The Order

Appeal U/S 61 Of IBC Is Not Maintainable After Dissolution Of Corporate Debtor U/S 54: NCLAT

Mohd Malik Chauhan

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