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19.3 There can be no deprivation of property except in accordance with law:
Contractual rights of L&T IDF and IIDL and the right to receive its legitimate dues thereunder constitute 'property' protected under Article 300A of the Constitution of India. Therefore, L&T IDF and IIDL cannot be deprived of their right in property i.e. the right to recover the interest and principal amounts thereunder, by modifying the terms of such contract inter alia by Company Appeal (AT) No. 346 of 2018 With I.A.3616, 3851, 3860,3962, 4103,4249 of 2019,182,185 of 2020, Company Appeal (AT) No. 347 of 2018 With I.A. No. 3850, way of resolution framework report dated 25.10.2019 ("Resolution Framework Report"), save under authority of law.

Company Appeal (AT) No. 346 of 2018 With I.A.3616, 3851, 3860,3962, 4103,4249 of 2019,182,185 of 2020, Company Appeal (AT) No. 347 of 2018 With I.A. No. 3850,

(iii) Section 424(1) of the Act only deals with the procedure to be followed by the Hon'ble Appellate Tribunal. It does not permit importing substantive provisions of the Insolvency & Bankruptcy Code 2016 ("Code") in an appeal, that too which are ex- facie contrary to the express provisions of the Act. Further, the power of the Hon'ble Appellate Tribunal to regulate its own procedure is subject to the provisions of the Act. Contractual rights protected by Article 300A cannot be tampered with by reliance on Section 424 of the Act.

(iv) In the light of the specific requirement of consent under the proviso to Section 242(2)(f) of the Act, the Hon'ble Appellate Tribunal cannot modify third party agreements under Rule 11 of the National Company Law Appellate Tribunal Rules, 2016 ("NCLAT Rules"). Equitable powers under Rule 11 of NCLAT Rules cannot empower the Hon'ble Appellate Tribunal to amend and vary third party contracts which are protected by Article 300A of the Constitution of India.