# In the matter of National Spot Exchange Limited Vs. Anil Kohli, RP for Dunar Foods Limited, Civil Appeal No. 6187 of 2019

> SC judgment dated 2021-09-14. Citation: TCN-2021-SC-00017. The case involves an appeal against an order by the National Company Law Appellate Tribunal (NCLAT)…

- **Court:** SC
- **Order date:** 14 Sept 2021
- **Citation:** TCN-2021-SC-00017
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/national-spot-exchange-limited-vs-anil-kohli-rp-for-dunar-foods-limited-civil-ap-1594c053

## Summary

### Background

The case involves an appeal against an order by the National Company Law Appellate Tribunal (NCLAT) that refused to condone a delay of 44 days in filing an appeal against an order passed by the National Company Law Tribunal (NCLT). The NCLT had rejected the claim of the appellant, National Spot Exchange Limited, in a corporate insolvency resolution process initiated against Dunar Foods Limited. The insolvency proceedings were initiated by the State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The appellant's claim was rejected by the Interim Resolution Professional (IRP) due to a lack of privity of contract between the appellant and the corporate debtor. The NCLT upheld the IRP's decision, leading to the appeal before the NCLAT,

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## Facts

The State Bank of India initiated insolvency proceedings against Dunar Foods Limited ('Corporate Debtor') under Section 7 of the IBC. National Spot Exchange Limited ('Appellant') claimed to be a creditor of Dunar Foods Limited, alleging that the Corporate Debtor had taken credit limits by hypothecating commodities kept in the Appellant's warehouses. The NCLT admitted the insolvency petition, and an IRP was appointed. The IRP rejected the Appellant's claim due to a lack of privity of contract. The Appellant had previously filed a money suit against PD Agro Processors Pvt. Ltd. ('PD Agro') in the Bombay High Court, which injuncted PD Agro and the Corporate Debtor from disposing of assets. The Appellant claimed that PD Agro siphoned off funds to the Corporate Debtor. The

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## Issues and analysis

### Issue 1: Whether the NCLAT was justified in refusing to condone the delay of 44 days in filing the appeal, …

**Ratio:** Section 61(2) of the IBC explicitly limits the power of the Appellate Tribunal to condone

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**Reasoning:** The Supreme Court reasoned that the NCLAT correctly interpreted and applied Section 61(2)

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**Interpretation:** The interpretation of Section 61(2) of the IBC is that it provides a strict

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**Application:** In this case, the delay of 44 days exceeded the permissible limit of 15 days

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## Parties

- **Judges:** M.R.…; ANIRUDDHA…
- **Appellants:** NATIONAL SPOT…
- **Respondents:** Dunar Foods…; Anil K…; +1 more

## Timeline

- **2018-01-17 — Appellant files claim…**: National Spot Exchange Limited submitted its claim to the Interim Resolution Professional…
- **2018-06-18 — IRP rejects Appellant's…**: The Interim Resolution Professional (IRP) rejected the claim of National Spot Exchange…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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