The appeal arises from an order of the National Company Law Appellate Tribunal (NCLAT) which dismissed an appeal as barred by limitation. The appellant had appealed an order of the National Company Law Tribunal (NCLT) which dismissed the appellant's miscellaneous application in a liquidation proceeding, seeking interim relief against the invocation of a bank guarantee by Respondent No. 10 against the Corporate Debtor, Cethar Ltd. The NCLT held that the performance guarantees were not a 'Security Interest' and refused to grant an injunction against the invocation of the bank guarantee.
Cethar Ltd, a company undergoing liquidation, had V Nagarajan appointed as its liquidator. Nagarajan initiated proceedings under Sections 43 and 45 of the IBC to challenge preferential and undervalued transactions involving SKS Ispat and Power Ltd. Nagarajan sought to prevent Respondent No. 10 from invoking bank guarantees issued by Cethar Ltd. The NCLT dismissed Nagarajan's application on December 31, 2019, stating the guarantees weren't a 'Security Interest'. Nagarajan appealed to the NCLAT, but the appeal was dismissed as time-barred. Nagarajan claims the NCLT order was uploaded late and with errors, and he requested a free copy. He argues the COVID-19 pandemic and a Supreme Court suo motu order extended the limitation period. The NCLAT rejected this, noting the
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V Nagarajan was appointed as the liquidator…
Date of the contract…
The appeal arises from an order of the National Company Law Appellate Tribunal (NCLAT) which dismissed an appeal as barred by limitation. The appellant had appealed an order of the National Company Law Tribunal (NCLT) which dismissed the appellant's miscellaneous application in a liquidation proceeding, seeking interim relief against the invocation of a bank guarantee by Respondent No. 10 against the Corporate Debtor, Cethar Ltd. The NCLT held that the performance guarantees were not a 'Security Interest' and refused to grant an injunction against the invocation of the bank guarantee.
Cethar Ltd, a company undergoing liquidation, had V Nagarajan appointed as its liquidator. Nagarajan initiated proceedings under Sections 43 and 45 of the IBC to challenge preferential and undervalued transactions involving SKS Ispat and Power Ltd. Nagarajan sought to prevent Respondent No. 10 from invoking bank guarantees issued by Cethar Ltd. The NCLT dismissed Nagarajan's application on December 31, 2019, stating the guarantees weren't a 'Security Interest'. Nagarajan appealed to the NCLAT, but the appeal was dismissed as time-barred. Nagarajan claims the NCLT order was uploaded late and with errors, and he requested a free copy. He argues the COVID-19 pandemic and a Supreme Court suo motu order extended the limitation period. The NCLAT rejected this, noting the
…V Nagarajan was appointed as the liquidator…
Date of the contract…