Case Note & Summary
The case involved Royal India Corporation Ltd as the appellant against Nandkishor Vishnupanth Deshpande, the Resolution Professional, and others as respondents. The appellant filed an application under Rule 11 of the NCLAT Rules, 2016, seeking to recall an order dated 06.05.2024, claiming two grave mistakes in the order. The first objection was that the order relied on a document from the Joint Commissioner of Customs dated 04.02.2021, which was not part of the record. The second objection pertained to the Resolution Professional's compliance with Regulation 35A of the IBBI (CIRP) Regulations, 2016. The Tribunal reviewed the previous judgment and noted that the issues raised were already discussed in detail, particularly in paragraphs 6 to 9 and 10.1 of the earlier order. The Tribunal highlighted that the Resolution Professional had informed the Committee of Creditors about the lack of matching assets and inventory, which justified the filing of an application under Section 66 of the IBC, 2016. The Tribunal also noted that a Civil Appeal filed before the Supreme Court was dismissed in default. The Tribunal concluded that none of the five conditions necessary for recalling an order were present, leading to the dismissal of the recall application.
Headnote
A) Insolvency Law - Recall of Order - Grounds for Recall - Insolvency and Bankruptcy Code, 2016 - The Tribunal found no grounds for recalling the order dated 06.05.2024 as the issues raised were already addressed in the previous judgment, and the conditions for recall were not met. Held that the application for recall was dismissed. (Paras 4-6)
Issue of Consideration
Whether the order dated 06.05.2024 should be recalled based on alleged grave mistakes.
Final Decision
The Tribunal dismissed the application for recall, finding no grounds established for such action.
Law Points
- Recall of order
- Jurisdiction
- Procedural error
- Compliance with regulations
- Insolvency resolution process
