# In the matter of Union Bank of India (Erstwhile Corporation Bank) vs. Dinkar T. Venkatasubramanian & Ors. I.A. No. 3961 of 2022 in Company Appeal (AT) (Ins.) No. 729 of 2020

> NCLAT judgment dated 2023-05-25. Citation: TCN-2023-NCLAT-00497. The case involves a reference made by a three-member bench of the NCLAT regarding the…

- **Court:** NCLAT
- **Order date:** 25 May 2023
- **Citation:** TCN-2023-NCLAT-00497
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/union-bank-of-india-erstwhile-corporation-bank-vs-dinkar-t-venkatasubramanian-or-fa3381bb

## Summary

### Background

The case involves a reference made by a three-member bench of the NCLAT regarding the maintainability of a recall application against a judgment. The initial matter arose from a Corporate Insolvency Resolution Process (CIRP) initiated by Union Bank of India against Amtek Auto Ltd. The Resolution Plan was approved, but Union Bank of India later filed a Company Appeal (AT) (Ins.) No. 729 of 2020, which was partly allowed. Subsequently, the Financial Creditors filed a Civil Appeal in the Supreme Court, which was dismissed with liberty to file a Review Application. A Review Application was then dismissed by the NCLAT. The Applicant, relying on the liberty granted, filed I.A. No. 3961/2022 seeking recall of the order dated 27.01.2022. A three-member bench then referred

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## Facts

Union Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Amtek Auto Ltd. under Section 7 of IBC. The Resolution Plan submitted by Respondent No.2 and 3 was approved by the Committee of Creditors with a 70.07% majority on 2020-01-11. The Resolution Professional filed I.A. No. 255/2020 for approval of the Resolution Plan. Union Bank of India also filed I.A. No. 222/2020 seeking certain reliefs. The Adjudicating Authority allowed the I.A. filed by the Resolution Professional and approved the Resolution Plan while rejecting I.A. No. 222/2020 filed by Union Bank of India on 2020-07-09. Union Bank of India filed Company Appeal (AT) (Ins.) No. 729 of 2020, challenging the order dated 2020-07-09, but did not include the Committee of Creditors as a

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## Issues and analysis

### Issue 1: Whether this Tribunal not being vested with any power to review the judgment can entertain an …

**Ratio:** The Tribunal possesses inherent powers, preserved by Rule 11 of the NCLAT Rules, 2016,

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**Reasoning:** The Tribunal's inherent power is not explicitly conferred but arises from its duty to do

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**Interpretation:** The power to recall a judgment is interpreted as a mechanism to correct

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**Application:** In this specific case, the Tribunal can entertain an application for recall if

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## Parties

- **Judges:** Ashok Bh…; Rakesh Kuma…; +3 more
- **Appellants:** Union Bank of…
- **Respondents:** Amtek Aut…; Dinkar T.…

## Timeline

- **2020-01-11 — Approval of Resolution…**: Resolution Plan approved by the Committee of Creditors with a majority voting share of…
- **2020-07-09 — Order by Adjudicating…**: Adjudicating Authority allowed the I.A. filed by the Resolution Professional and approved…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 62 — Appeal to Supreme Court](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-62)

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