M/S. Jai Lakshmi Solvents (P) Ltd vs M/S. Swadisht Oils Pvt. Limited

Present: For Appellants: Mr Arvind Kumar and Ms Henna George, Advocates for CA (AT) (Ins) 17 to 19; Ms Purti Marwaha, Advocate for CA (AT) (Ins) 20 to 27. For Respondents: None -2-

ORDER

15.05.2017- These appeals under section 61 of Insolvency &

Bankruptcy Code, 2016 ("I & B Code" for short) have been preferred by

Appellant/ Operational Creditors M/s. J.R Agro Industries Pvt. Ltd., 3rd against order(s) dated March, 2017 etc, whereby the application

preferred by Appellants were adjourned for another date.

2. The grievance of the appellants was that the Adjudicating Authority

has not passed the order within 14 days as prescribed under section 9 of

the I & B Code, which may render their applications infructuous.

3. On 10th April, 2014, when the matter was taken up, this Appellate

Tribunal issued notice on the Respondents.

4. Today when the matter was taken up, Ld. Counsel for the 9th Appellant(s) brought to our notice three order(s) all dated May, 2017,

passed by Adjudicating Authority in corresponding applications under

section 9, whereby the Adjudicating Authority has pointed out the defects

to be removed by each of the Appellants within 7 days. Ld. Counsel for

the Appellant submits that the defects will be removed in course of day.

5. The question as to whether 14 days' period prescribed under sub-

section (5) of section 9 of the 'I & B Code' is mandatory or directory fell

for consideration before the Appellate Tribunal in "Company Appeal (AT)

(Insolvency) No. 9 of 2017, M/s. J.K. Jute Mills Company Limited Vs.

M/s. Surendra Trading Company". In the said appeal, the Appellate -3-

Tribunal held that the 14 days period prescribed under sub-section (5) of

Section 9 being a procedural law is directory.

6. In view of decision in "M/s J.K.Jute Mills Company Limited" now

no further finding is required to be given in regard to same issue in these

appeals. The appellants are allowed to complete the records within time

granted by the Adjudicating Authority, if not completed. All the appeals

stand disposed of with the aforesaid observations. No cost.

(Justice S.J. Mukhopadhaya) Chairperson

(Mr. Balvinder Singh) Member(Technical) ar