Securities and Exchange Board of India Vs Pancard Clubs Ltd. & Ors (NCLAT Delhi)
The National Company Law Appellate Tribunal (NCLAT), Delhi, considered an application (I.A. No. 5716 of 2025) filed seeking recall of its earlier judgment dated 21 November 2024 in Company Appeal (AT) (Insolvency) No. 1528 of 2024. The applicant requested that the Tribunal recall the earlier order, reconsider the merits of the appeal, examine issues relating to an allegedly fraudulent resolution plan and procedural lapses, and tag the matter with Appeal No. 1531 of 2024.
The background of the application concerns Company Appeal (AT) (Ins.) No. 1528 of 2024, which challenged an order dated 25 April 2024. The appeal had been filed on 12 July 2024, after expiry of the limitation period. An application for condonation of delay (I.A. No. 5536 of 2024) was heard by the Tribunal. On 21 November 2024, the Tribunal rejected the request for condonation on the ground that the delay exceeded the condonable period of 15 days prescribed under the Insolvency and Bankruptcy Code (IBC). Consequently, the appeal was also rejected. In the companion matter, Appeal No. 1531 of 2024, the delay was only six days and within the condonable limit.
Following the NCLAT’s rejection, the appellant filed Civil Appeals No. 408–409 of 2025 before the Supreme Court challenging the order dated 21 November 2024. On 24 January 2025, the Supreme Court dismissed the appeals after noting that they were not being pressed, as the appellant intended to file a review application before the NCLAT. The Supreme Court did not make any observations granting liberty for such a review.
