IBC Section 202: Appeal to National Company Law Appellate Tribunal

Section 202 of Insolvency and Bankruptcy Code, 2016: Appeal to National Company Law Appellate Tribunal

Official Bare Act Text

Override / Mandate Mens Rea (Intent) Actus Reus (Conduct) Punishment Limitation Monetary

Any insolvency professional agency which is aggrieved by the order of the Board made under section 201 may prefer an appeal to the National Company Law Appellate Tribunal in such form, within such period, and in such manner, as may be specified by regulations.

Legal Commentary & Landmark Judgments: Section 202

Section 202 provides a statutory right of Appeal to the National Company Law Appellate Tribunal (NCLAT) against any order of the Board refusing or cancelling the registration of an IPA.

Statutory Appellate Forum: Any person aggrieved by an order of the Board under Section 201 may prefer an appeal to the NCLAT.
Thirty-Day Limitation Period: The appeal must be filed within thirty days from the date of receipt of the order of the Board.
NCLAT Appellate Powers: The Appellate Tribunal may, after giving the parties an opportunity of being heard, confirm, modify, or set aside the order appealed against.

Key Landmark Precedents:

Swiss Ribbons Pvt. Ltd. v. Union of India (2019) 4 SCC 17: The Supreme Court held that providing an appeal to the NCLAT against IBBI decisions ensures robust judicial oversight over executive and licensing powers.
Kalpraj Dharamshi v. Kotak Investment Advisors (2021) 10 SCC 401: Emphasized that statutory appeals to NCLAT must be pursued strictly within the thirty-day limitation window.

Courtroom Practice & Strategic Litigation Guidance:

An appeal under Section 202 must demonstrate patent errors of law or perverse factual conclusions by the Board; NCLAT rarely interferes with technical regulatory evaluations unless manifest arbitrariness is shown.