P. Praful & Company Distributors ... vs Na

IN THE MATTER OF: P. Prafull & Company Distributors Pvt. Ltd. ...Appellant

Versus

----- ...Respondent Present: For Appellant : Mr. Arpit Gupta and Mr. Yuvraj Thakore, Advocates

For Respondent : None

ORDER

(Hybrid Mode)

14.02.2024 I.A. No.862 of 2024 This is an application for

condonation of 15 days' delay in filing the Appeal. The ground taken in the

affidavit in that there were Diwali break from 10.11.2023 to 27.11.2023 and

after receiving the opinion of the Advocate sometime was consumed in the

process causing delay of 15 days.

Cause shown sufficient, delay is condoned.

This appeal has been filed against the order dated 26.10.2023 by which

Adjudicating Authority has rejected Section 10 Application filed by the

Appellant. The order dated 26.10.2023 is as follows:

"ORDER

This application is filed under Section 10 of the Insolvency and Bankruptcy Code, 2016.

From perusal of the application, it is seen that the applicant has attached with the application the audit report and Financial Statements of the year ended on 31.03.2019 and 31.03.2020 along with the provisional Balance Sheet as on 31.03.2021. this application was filed on 02.12.2021.

On perusal of the application reveals that the audited Balance Sheet of 2019-20 bears the initial of the auditor on the audit report and also on the Balance Sheet which is without the UDI Number, place and date of signing. When this was brought to the notice of the learned counsel for the applicant, he stated that he seeks time to file a proper audited Financial Statements and audit report. In our view, the present application is incomplete.

Recording the above, we dismiss the present application with liberty to file afresh along with latest duly audit Financial Statements within a period of 60 days from the date of this order.

Accordingly, this application stands dismissed."

Learned Counsel for the Appellant submits that the Appellant during

his submission has submitted that he shall supply the UDI Number which

submission was not accepted and application was dismissed.

Learned Counsel for the Appellant referred to Section 10 proviso and

submit that under the proviso Adjudicating Authority ought to have given an

opportunity to the Appellant to remove the defects in the application and

which opportunity was not allowed to the Appellant.

After hearing the Learned Counsel for the parties, we are of the view

that Adjudicating Authority have rejected the application only on the ground

that Audit Report and balance sheet and is without UDI Number, appellant

was not given opportunity to remove the defects.

Company Appeal (AT) (Insolvency) No. 259 of 2024 2 of 3 We, set aside the order dated 26.10.2023 revive the application before

the Adjudicating Authority. We to obviate the further delay in the matter,

permit the Appellant to file necessary documents which was pointed out the

Adjudicating Authority within two weeks from today.

The Adjudicating Authority will fix a date after two weeks and proceed

to hear the application in accordance with law. Appeal is disposed of.

[Justice Ashok Bhushan] Chairperson

[Mr. Barun Mitra] Member (Technical)

[Mr. Arun Baroka] Member (Technical) pks/nn

Company Appeal (AT) (Insolvency) No. 259 of 2024 3 of 3