Seya Industries vs Beacon Trusteeship Ltd & Ors

NATIONAL COMPANY LAW APPELLATE TRIBUNAL PRINCIPAL BENCH NEW DELHI COMPANY APPEAL (AT)(INSOLVENCY) NO.255 OF 2021 In the matter of: Seya Industries Appellant Vs Beacon Trusteeship Ltd & Ors Respondent Present: Mr. Abhijeet Sinha, Advocate, Mr. Puneet Jain Mr. Harsh Jain, Mr. Harshit Khanduja, Advocates for appellant. Mr Sudipto Sarkar, Sr. Advocate, Mr Himanshu Satija, Mr. Shadab S Jain, Ms Komal Khushalani, Ms Prerna Wagh, Advocates for Respondent No.1-3.

ORDER

31.03.2021- After hearing Mr. Abhijeet Sinha , learned counsel

representing the appellant and Mr. Sudipto Sarkar, learned senior counsel

representing the Respondent we are of the view that since the matter is at

pre-admission stage, the Adjudicating Authority must adhere to mandate of

Section 7(4) of IBC which enjoins upon it to pass an order of admission or

rejection within 14 days of receipt of application under Section 7 of IBC. Final

hearing is not contemplated at this stage. The matter was fixed for 26th

March, 2021 which has elapsed but the matter is stated to be still pending

consideration before the Adjudicating Authority at the admission stage. The

appeal is accordingly disposed off by directing the Adjudicating Authority to

expedite consideration of the matter and make endeavour for passing an order 2.

of admission or rejection of the application within 14 days from today

uninfluenced by the earlier orders.

A copy of this order be sent to the Adjudicating Authority, NCLT, Court

V, Mumbai for compliance

(Justice Bansi Lal Bhat) Acting Chairperson

(Dr. Ashok Kumar Mishra) Member (Technical) Bm/gc