State Bank of India Vs Supreme Panvel Indapur Tollways Pvt. Ltd. (NCLAT Delhi)
In a recent ruling by the National Company Law Appellate Tribunal (NCLAT) Delhi, the State Bank of India (SBI) received relief in its case against Supreme Panvel Indapur Tollways Pvt. Ltd. The NCLAT granted time for filing a rejoinder, along with a monetary penalty. This article provides a detailed analysis of the judgment and its implications.
The appeal was filed against an order passed by the Adjudicating Authority, which granted further time to file a rejoinder while imposing a cost of Rs. 25,000. Additionally, the Authority directed the AGM/concerned Branch Manager to be present before the Bench on the next hearing date and forwarded a copy of the order to the concerned authorities.
Upon review, the NCLAT deemed the imposition of a cost of Rs. 25,000 for extending the time to file a rejoinder as reasonable. However, it found no justification for the other two directives issued by the Adjudicating Authority. As a result, the NCLAT upheld the order granting time for filing a rejoinder with the specified cost but dismissed the additional directives.
The appellant, State Bank of India, had already filed the rejoinder and written submissions by April 19, 2024. Consequently, the NCLAT allowed one day’s time to deposit the imposed cost, thereby disposing of the appeal.
