Ifci Ltd vs Rmol Engineering And Offshore Ltd
- CitationCompany Appeal (AT) (Insolvency) No. 373 of 2019
Ratio decidendi
The rule this decision rests on
The appellate tribunal condoned a one-day delay in filing the appeal, finding the grounds satisfactory, and disposed of the accompanying interlocutory application on that basis. Where the Adjudicating Authority has delayed deciding an application under Section 7 of the Insolvency and Bankruptcy Code for an unreasonable period, the appellate tribunal may direct it to take up the matter on an urgent basis and pass an appropriate order on a fixed date, after hearing the corporate debtor.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Company Appeal (AT) (Insolvency) No. 373 of 2019
IN THE MATTER OF:
IFCI Ltd. ...Appellant
Versus
RMOL Engineering & Offshore Ltd. ...Respondent
Present: For Appellant : Mr. P. V. Dinesh and Mr. R. S. Lakshman, Advocates
ORDER
11.04.2019 Having heard learned counsel for the appellant and being
satisfied with the grounds, the delay of one day in preferring the appeal is
condoned.
I.A. No. 1292 of 2019 stands disposed of.
This appeal has been preferred by the Appellant (Financial Creditor)
against the order of adjournment dated 4th March, 2019 passed by the
Adjudicating Authority (National Company Law Tribunal) Ahmedabad Bench,
Ahmedabad. The grievance of the appellant is that the application under Section
7 of the 'I&B Code' was filed on 7th November, 2017 and 1½ years have passed
for admitting or rejecting the application.
Taking into consideration the facts, we direct the Adjudicating Authority
(National Company Law Tribunal), Ahmedabad Bench, Ahmedabad to take up
the matter on urgent basis and after hearing the 'Corporate Debtor' pass the
appropriate order on 30th April, 2019, which is the next date already fixed for
hearing.
-2-
Office will intimate this order to Mr. Harihar Prakash Chaturvedi, Member
(Judicial) and Ms. Manorama Kumar, Member (Judicial) of the National
Company Law Tribunal, Ahmedabad Bench. The appellant will also produce a
copy of this order before the Hon'ble Members.
The appeal stands disposed of with aforesaid observations and directions.
[Justice S.J. Mukhopadhaya] Chairperson
[ Justice A.I.S. Cheema ] Member (Judicial)
[ Kanthi Narahari ] Member (Technical)
/ns/sk
Company Appeal (AT) (Insolvency) No. 373 of 2019
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