J. Sagar Associates (JSA) represented Deutsche Bank, AG in a Civil Appeal before the Supreme Court challenging the order of the NCLAT whereby the NCLAT granted only 10 days (from the date of the Impugned Judgement) for the Committee of Creditors to take a fresh decision on the resolution plans, failing which the Corporate Debtor will be forced into liquidation notwithstanding the fact that the successful Resolution Plan (which was set aside by the Impugned Judgment) has already been fully implemented.Challenge of NCLT proceedings before HC under Article 226 on the ground that NCLT had adopted a procedure which was in breach of the principles of natural justice constitutes bona fide proceedings for the purpose Section 14 of the Limitation Act, 1963. 2. Waiver and acquiesce have to be established on the touchstone of the settled principles of law in this regard. 3. The Appellate Authority should not interfere with the ‘commercial wisdom’ of the Committee of Creditors, which has also been approved by the Adjudicating Authority, particularly when the decision of CoC is taken by a thumping majority of 84.36%.
JSA team comprised Lead Partners – Varghese Thomas and Dheeraj Nair, Principal Associate – Fatema Kachwalla, Principal Associate – Aditi Deshpande and Associate – Jash Shah and Vishrutyi Sahni