National Company Law Appellate Tribunal (NCLAT): The Coram of Judicial A.I.S. Cheema (The officiating Chairperson) and Dr Alok Srivastava (Technical Member) while disposing of an appeal, directed NCLT to decide the matter ‘one way or the other’, hoping that it would take up the application with ‘all sincerity’.
In the instant matter, an appeal was filed against an impugned order of NCLT, Kolkata Bench, Kolkata, that an Application under Section 7 of Insolvency and Bankruptcy Code, 2016 has been pending before it since 30-12-2019 and the Admission Order is not yet passed one way or the other. The counsel submitted that the matter was getting protracted before the Adjudicating Authority which defeats the purpose of the provisions of IBC requiring the Application to be admitted within 14 days.
The Tribunal considering the facts and circumstances noted,
“…we appreciate the pain of the Appellant due to pendency of such Application under Section 7 of IBC which has been pending since 30th December, 2019. We have already said what we could on 29th January, 2021. We hope that the Adjudicating Authority would in all sincerity take up the Application and decide the same one way or the other”.
[South Indian Bank Ltd. v. Gold View Vyapaar (P) Ltd., 2021 SCC OnLine NCLAT 297, decided on 19-08-2021]
Agatha Shukla, Editorial Assistant has reported this brief.
Counsel for the Parties:
For Appellant:
Ms. Malvika Trivedi, Sr. Advocate with
Mr. Parag Maini, Mr. Abhimanyu Chopra,
Mr. Raghav Chadha and Bhargavi Kannan, Advocates.
For Respondent:
Mr. Joy Saha, Sr. Advocate with
Mr. Ishaan Saha, Mr. Santosh Kumar Ray
and Rituparna Sanyal, Advocates.
