Hdfc Bank Limited vs Zenica Performance Cars Pvt. Ltd
- CitationCompany Appeal (AT) (Insolvency) No. 1869 of 2024
Ratio decidendi
The rule this decision rests on
The Tribunal, in exercising its appellate jurisdiction over an order merely listing a pending application before a regular bench, may direct the Adjudicating Authority to decide a long-pending application on the next date of hearing or within a fixed period, where the matter has already been heard once, remitted for re-hearing, and earlier subject to directions for early disposal.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
HDFC Bank Ltd. ....Appellant Vs. Zenica Performance Cars Pvt. Ltd. ...Respondent For Appellant Mr. Dhruv Joshi, Mr. Vardhman Kaushik, Mr. Nishant Gautam, Ms. Sanjana Mehrotra, Mr. Ajay Kanojia, Mr. Mayank Sharma, Advocates For Respondent Mr. Viren Sharma, Advocate for RP
ORDER
(Hybrid Mode)
27.09.2024: Heard Learned Counsel for the Appellant and Counsel for the Resolution Professional.
2. This Appeal has been filed against the order dated 07.08.2024 passed by the Adjudicating Authority (National Company Law Tribunal) Chandigarh, Court-II by which order the Adjudicating Authority directed the matter to be listed before Regular Bench on 10.09.2024.
3. Counsel for the Appellant submits that the Appellant has earlier filed two Appeals. Company Appeal (AT) (Ins.) No.715 of 2023 which was disposed of on 26.04.2023 observing that the Adjudicating Authority shall consider and dispose of the application as early as possible. Subsequently another Company Appeal (AT) (Ins.) No.461 of 2024 filed by the Appellant where following order was passed on 04.03.2024:-
"3. In this Appeal, Appellant has come up against the order dated 29.01.2024 where the Adjudicating Authority has directed the application to be listed on 05.03.2024. Liquidation application being pending since 30.04.2022 and this Tribunal having already made observations for deciding the applications on 2
the next date or as early as possible, we are of the view that the adjudication applications being IA Nos.403 and 405 of 2022 has to be disposed of. Matter having fixed on 05.03.2024, we only observe that the Adjudicating Authority shall proceed to decide the applications on the next date or within the period of two months thereafter. Applications be decided in priority."
4. It is submitted that thereafter the matter was heard and got reserved but due to the change of Bench, order was not delivered and matter was directed for re-hearing and 10.09.2024 was fixed. It is submitted that the liquidation application IA No.405 of 2022 has been filed in the year 2022 and is pending consideration. It is submitted that the next date fixed in the matter is 07.10.2024.
5. In the facts of the present case, especially when the matter was heard once and directed for re-hearing and this Tribunal on two occasions has already observed for early disposal of the matter, we are of the view that on the next date i.e. 07.10.2024, Adjudicating Authority may consider the application and dispose of within period of two months thereafter.
6. The Appeal is disposed of.
[Justice Ashok Bhushan] Chairperson
[Barun Mitra] Member (Technical)
[Arun Baroka] Member (Technical) Anjali/nn
Company Appeal (AT) (Insolvency) No. 1869 of 2024 & I.A. No. 6875 of 2024
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