Icici Bank Ltd vs Liberty Group Pvt Ltd & Anr
- CitationCompany Appeal (AT) (Insolvency) No. 133 of 2019
Ratio decidendi
The rule this decision rests on
The court declined to interfere with an adjournment order, and the reasoning it gives is directed to the conduct of the resolution process rather than to any general rule of law: an adjudicating authority is to be directed to expedite a matter in which the resolution process has been prolonged, taking into account the total time taken for the resolution process, so as to ensure finality within a fixed time. No principle is stated beyond that case-specific direction, so the order rests on procedural case management rather than a statement of law.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Liberty Group Pte. Ltd. & Anr. ...Respondents
Present:
For Appellant : Mr. Bishwajit Dubey and Ms. Ruchi Chaudhary, Advocates
For 2nd Respondent : Mr. Abhishek Sharma, Advocate
ORDER
11.02.2019 The grievance of the appellant (Financial Creditor) is that after
admission of the application under Section 7 of the I&B Code on 1st August,
2017, the matter is pending on the request of one or other person including the
'resolution applicant' and that is the reason the appellant has moved this appeal
against the order dated 29th January, 2019 wherein on the request of the one of
the 'resolution applicant' the matter was again adjourned by the Adjudicating
Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad.
2. Mr. Abhishek Sharma, learned counsel appearing on behalf of the
'Resolution Professional' accepts that the application under Section 7 was
admitted on 1st August, 2017. He further submits that all the 'resolution plans'
submitted were rejected by the 'Committee of Creditors'. In the circumstances,
while we are not interfering with the impugned order of adjournment dated 29th
January, 2019, direct the Adjudicating Authority ( National Company Law -2-
Tribunal), Ahmedabad Bench, Ahmedabad to expedite the matter and pass
appropriate order taking into consideration the total time taken for resolution
process and pass appropriate order to ensure the finality. Such order be passed
by 8th March, 2019.
The appeal stands disposed of with aforesaid observations and directions.
[Justice S.J. Mukhopadhaya] Chairperson
[ Justice Bansi Lal Bhat ] Member (Judicial)
/ns/uk/
Company Appeal (AT) (Insolvency) No. 133 of 2019
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