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The Bench also noted that the time period envisaged under Section 61 of the IBC and Section 421 of the Companies Act was for filing of the appeal and not for re-filing after the defects having been cured. It was further observed that Rule 26 did not entail any period of limitation.
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National Company Law Appellate Tribunal, New Delhi held that re-filing of an appeal after the defects being cured after the period of seven days ends will be considered as fresh filing.
The Tribunal noted that any delay beyond the period as provided under Section 61 of the Insolvency & Bankruptcy Code, 2016 (IBC) or Section 421 of the Companies Act 2013 on the issue of re-filing of appeal could be condoned by the Court on justified grounds.
A larger bench of five members, namely, Justices Ashok Bhushan, Rakesh Kunar, M Satyanarayana Murthy, Ms. Shresha Merla and Mr. Kanthi Narahari had been constituted on this issue.
The Bench observed that as per Rule 26(2) of the NCLAT Rules, 2016, in case a document was found defective, it had to be notified to the party which would cure the defect within a period of 7 days, failing which the registrar was supposed to pass appropriate orders.
The Bench also noted that the time period envisaged under Section 61 of the IBC and Section 421 of the Companies Act was for filing of the appeal and not for re-filing after the defects having been cured. It was further observed that Rule 26 did not entail any period of limitation.
Hence, the period of 7 days for curing of defects was held to be directory and re-filing was interpreted as not amounting to a fresh filing.