Hon'ble Judges/Coram:
Dr. D.Y. Chandrachud, Vikram Nath and B.V. Nagarathna JUDGMENT
Dr. D.Y. Chandrachud, J.
This judgment has been divided into Sections to facilitate analysis.
A. Facts
1. This appeal arises Under Section 62 of the Insolvency and Bankruptcy Code 20161 from the judgment of the National Company Law Appellate Tribunal, Delhi2 dated 13 July 20203. The NCLAT dismissed the appeal as barred by limitation. The Appellant had filed an appeal against the National Company Law Tribunal, Chennai's4 order dated 31 December 20195 which had 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.
2. Cethar Ltd.6, a corporate entity which is engaged in engineering and project consultancy, is undergoing liquidation. The Appellant was appointed as its interim resolution professional and resolution professional. After an unsuccessful attempt at resolution, the Appellant was appointed as its liquidator on 25 April 2018. The Appellant instituted proceedings7 Under Sections 43 and 45 of the IBC to avoid preferential and undervalued transactions of the Corporate Debtor in favour of Respondent Nos. 1-4 with respect to a contract dated 15 March 2011. No relief was sought against Respondent No 10. The Appellant claims to have subsequently discovered that SKS Ispat and Power Ltd. (Respondent No 1) and its subsidiary- SKS Power Generation Chhattisgarh Ltd. (Respondent No 10) had colluded with the promoters of the Corporate Debtor and defrauded the latter of over INR 400 crores by entering into a fraudulent settlement of only INR 4.58 crores. The Appellant also alleges that these transactions form a part of the ongoing investigation by the Central Bureau of Investigations and the Enforcement Directorate. Respondent No 10, allegedly at the behest of Respondent No 1, soug........