Surendra Singh Hada & Ors vs Arfat Petrochemicals Pvt Ltd
- CitationCompany Appeal (AT) (Insolvency) No. 93 of 2021
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority is bound by the timelines prescribed under the Insolvency and Bankruptcy Code, 2016, and must dispose of a pending application with utmost expedition; a delay of the kind shown here, exceeding the prescribed period, is a disturbing trend that the Appellate Tribunal must curb by directing expeditious disposal and requiring compliance to be reported.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Surendra Singh Hada & Ors. ....Appellant Vs. Arfat Petrochemicals Pvt. Ltd. ....Respondent Present: Appellants: Mr. Pankaj Jain, Mr. Aman Shankar, Advocates. Mr. Habib Khan (AR) Respondent:
ORDER
(Through Virtual Mode)
16.02.2021: Application under Section 9 of the Insolvency and
Bankruptcy Code, 2016 ("I&B Code" for short) is pending consideration before
the Adjudicating Authority (National Company Law Tribunal), Ahmedabad
bench, Court No.1, for more than 840 days transcending the prescribed time
limit. This is a disturbing trend and needs to be curbed.
2. After hearing Mr. Pankaj Jain, Advocate representing the Appellant, we
deem it appropriate to dispose off this appeal with direction to the Adjudicating
Authority to ensure that the provisions of the 'I&B Code' in regard to timelines
are adhered to scrupulously and all endeavors be made to dispose off the
matter pending before it with utmost expedition preferably within four weeks.
Compliance shall be reported to this Appellate Tribunal.
Contd/-..........
-2-
Copy of the order be communicated to the Adjudicating Authority
forthwith.
[Justice Bansi Lal Bhat] Acting Chairperson
[Dr. Ashok Kumar Mishra] Member (Technical)
AR/g
Company Appeal (AT) (Insolvency) No. 93 of 2021
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