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CS Professional · Insolvency and Bankruptcy - Law and Practice · Adjudication and Appeals for Corporate Persons

Meridian Exports Ltd disputes an order of the NCLAT. Its counsel argues that the NCLAT wrongly assessed the evidence on the value of certain stock and that the Supreme Court should reappraise those facts. Under section 62, what is the correct position?

The Supreme Court appeal lies only on a question of law arising out of the NCLAT order under the Code. A plea asking the Court to reappraise factual evidence does not qualify, so the appeal on that basis is not maintainable under section 62(1).

  1. AThe appeal lies on any ground, including facts, since the person is aggrieved
  2. BThe appeal lies only on a question of law arising out of the NCLAT order under the CodeCorrect
  3. CThe appeal lies only if the NCLAT grants leave to appeal
  4. DThe appeal lies only on grounds of fraud or material irregularity

Explanation

Section 62(1) confines the appeal to a question of law arising out of the NCLAT order under the Code. A mere challenge to appreciation of evidence on facts is not a question of law. Fraud or material irregularity grounds relate to appeals against liquidation orders under section 61(4), not section 62.

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