61. (1) Notwithstanding anything to the contrary contained under the
Companies Act 2013, any person aggrieved by the order of the Adjudicating
Authority under this part may prefer an appeal to the National Company Law
Appellate Tribunal.
(2) Every appeal under sub-section (1) shall be filed within thirty days
before the National Company Law Appellate Tribunal:
Provided that the National Company Law Appellate Tribunal may allow an
appeal to be filed after the expiry of the said period of thirty days if it
is satisfied that there was sufficient cause for not filing the appeal but
such period shall not exceed fifteen days.
(3) An appeal against an order approving a resolution plan under section 31
may be filed on the following grounds, namely:-
(i) the approved resolution plan is in contravention of the provisions of
any law for the time being in force;
(ii) there has been material irregularity in exercise of the powers by the
resolution professional during the corporate insolvency resolution period;
(iii) the debts owed to operational creditors of the corporate debtor have
not been provided for in the resolution plan in the manner specified by the
Board;
(iv) the insolvency resolution process costs have not been provided for
repayment in priority to all other debts; or
(v) the resolution plan does not comply with any other criteria specified by
the Board.
(4) An appeal against a liquidation order passed under section 33 may be
filed on grounds of material irregularity or fraud committed in relation to
such a liquidation order.