No Separate Condonation Plea Needed When Delay Is Apparent on Record: NCLAT Chennai

Advertisement Ajay Kumar Bhuwalka Vs Bhuwalka Steel Industries Ltd. (NCLAT Chennai) The Chennai Bench of the National Company Law Appellate Tribunal examined an appeal challenging an order of the Adjudicating Authority which had held that an application filed by the Resolution Professional (RP) under the Insolvency and Bankruptcy Code, 2016 (IBC) was not barred by limitation and could proceed on merits. The Appellants, who described themselves as nominal directors of the Corporate Debtor, contended that they did not exercise effective control over its management, which was admittedly vested...