State Bank Of India vs Nutrionex Manufacturers Ltd
- CitationCompany Appeal (AT) (Insolvency) No. 127 of 2021
Ratio decidendi
The rule this decision rests on
The adjudicating authority is bound by the time limit in Section 7(4) of the Insolvency and Bankruptcy Code, 2016, which requires it to pass an order admitting or rejecting an application under Section 7 within fourteen days of its receipt, and a delay in passing such an order, once shown, is to be corrected by directing the authority to decide the application on its merits within a short fixed period.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
State Bank of India ....Appellant Vs. Nutrionex Manufacturers Ltd. ....Respondent Present: Appellant: Mr. Ankur Mittal, Mr. Karan Setiya, Advocates. Respondent:
ORDER
(Through Virtual Mode)
24.02.2021: Appellant is aggrieved of withholding of order on the part of the Adjudicating Authority (National Company Law Tribunal), New Delhi, Court-IV who is said to have reserved orders in regard to admission of Appellant's application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short) more than four months before. On its attention being invited, I.A No. 540/ND/2021 was disposed off with observation that the order will be passed in due course.
2. After hearing learned counsel for the Appellant and keeping in view the mandate of Section 7(4) of the 'I&B Code' enjoining upon Adjudicating Authority to pass order of admission or otherwise of application under Section 7 within 14 days of receipt of such application, we dispose off this appeal with direction to the Adjudicating Authority to dispose off the matter within one week by passing an order of admission or otherwise on merits of the case.
Contd/-..............
-2- Copy of this order be communicated to the Adjudicating Authority with direction to report compliance in this regard.
[Justice Bansi Lal Bhat] Acting Chairperson
[Dr. Ashok Kumar Mishra] Member (Technical)
AR/g
Company Appeal (AT) (Insolvency) No. 127 of 2021
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