1. INTRODUCTION
On 25 May 2023, a five-member special bench of the National
Company Law Appellate Tribunal, New Delhi Bench
("NCLAT"), in a reference from a
three-member bench in Union Bank of India vs. Dinkar T.
Venkatasubramanian & Ors.,1 while partly
setting aside two judgments of coordinate three-member benches of
the NCLAT, held that the NCLAT has the inherent power to recall a
judgment passed by it on sufficient grounds.
2. BACKGROUND
In the ongoing corporate insolvency resolution process
("CIRP") of Amtek Auto Limited
(Corporate Debtor), a resolution plan submitted by
DVI PE (Mauritius) Limited and Deccan Value Investors L.P. was
approved by the National Company Law Tribunal, Chandigarh Bench
("NCLT") vide order dated 9
July 2020. By the same order, the NCLT also dismissed an
interlocutory application filed by Union Bank of India
("UBI") in which the bank had prayed for
modification of the resolution plan. Aggrieved by the order of the
NCLT, UBI filed
