Sukaram Marketing Ltd vs Sunrise Tsr Factory & Anr
- CitationCompany Appeal No. (AT) (Insolvency)No. 77 of 2019
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority's admission of an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 is not interfered with in the absence of any illegality in the impugned order; the appellate tribunal declines to disturb an admission order on that ground alone. The Adjudicating Authority's order does not preclude the corporate debtor from settling the operational creditor's claim under Section 12A of the Insolvency and Bankruptcy Code, 2016, notwithstanding the admission of the application.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Sukaram Marketing Ltd. .....Appellant Vs. Sunrise TSR Factory & Anr. ......Respondents
Present : For Appellant: None
For Respondents: Mr. Wills Mathews with Mr. Karthik, Advocates for R-1
O R D E R
06.08.2019 - The Appellant preferred this appeal against order dated
30th November, 2018 passed by the Adjudicating Authority ('National
Company Law Tribunal') whereby an application u/s 9 of the Insolvency &
Bankruptcy Code, 2016 ('I&B' Code, for short) preferred by 'M/s. Sunrise
TSR Factory' was admitted.
2. On 23rd January, 2019, learned counsel for the Appellant submitted
that the Appellant wanted to settle the claim with the 'Operational Creditor'
and sought some more time but the Adjudicating Authority refused to grant
more time.
....contd.
2
3. Notices were issued on Respondent but the Appellant did not file the
process fee on time, therefore, again time was allowed.
4. Today, when the matter was taken up, nobody appears on behalf of
the Appellant.
5. Learned counsel for 1st Respondent submitted no settlement reached.
6. In the facts and circumstances and in the absence of any illegality, we
are not inclined to interfere with the Impugned Order dated 30th November,
2018 passed by the Adjudicating Authority. However, this order will not
come in the way of Appellant to settle the claim with the Creditors u/s 12A
of the of the Insolvency & Bankruptcy Code, 2016 ('I&B' Code, for short).
The appeal stands disposed of. No costs.
[Justice S. J. Mukhopadhaya] Chairperson
[Justice A. I. S. Cheema] Member (Judicial)
[Kanthi Narahari] Member (Technical)
ss/gc
Company Appeal (AT) (Insolvency)No. 77 of 2019
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