{"id":253128,"date":"2021-08-23T16:00:36","date_gmt":"2021-08-23T10:30:36","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=253128"},"modified":"2021-09-10T12:00:08","modified_gmt":"2021-09-10T06:30:08","slug":"ibc","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/23\/ibc\/","title":{"rendered":"NCLAT | Matter getting protracted, defeating the purpose of IBC; Orders NCLT to pass orders \u2018one way or the other\u2019"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>National Company Law Appellate Tribunal (NCLAT):<\/strong> The Coram of Judicial A.I.S. Cheema (The officiating Chairperson) and Dr Alok Srivastava (Technical Member) while disposing of an appeal, directed NCLT to decide the matter \u2018one way or the other\u2019, hoping that it would take up the application with \u2018all sincerity\u2019.<\/p>\n<p style=\"text-align: justify;\">In the instant matter, an appeal was filed against an impugned order of NCLT, Kolkata Bench, Kolkata, that an Application under Section 7 of Insolvency and Bankruptcy Code, 2016 has been pending before it since 30-12-2019 and the Admission Order is not yet passed one way or the other. The counsel submitted that the matter was getting protracted before the Adjudicating Authority which defeats the purpose of the provisions of IBC requiring the Application to be admitted within 14 days.<\/p>\n<p style=\"text-align: justify;\">The Tribunal considering the facts and circumstances noted,<\/p>\n<p style=\"text-align: justify;\"><em>\u201c\u2026we appreciate the pain of the Appellant due to pendency of such Application under Section 7 of IBC which has been pending since 30th December, 2019. We have already said what we could on 29th January, 2021. We hope that the Adjudicating Authority would in all sincerity take up the Application and decide the same one way or the other\u201d.<\/em><\/p>\n<p style=\"text-align: justify;\">[South Indian Bank Ltd. v. Gold View Vyapaar (P) Ltd.,<a href=\"http:\/\/www.scconline.com\/DocumentLink\/05EFD6lS\"> <b>2021 SCC OnLine NCLAT 297<\/b><\/a>, decided on 19-08-2021]<\/p>\n<hr \/>\n<p><span style=\"color: #003300;\">Agatha Shukla, Editorial Assistant has reported this brief.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><strong>Counsel for the Parties:<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>For Appellant:<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong>Ms. Malvika Trivedi, Sr. Advocate with<\/p>\n<p style=\"text-align: justify;\">Mr. Parag Maini, Mr. Abhimanyu Chopra,<\/p>\n<p style=\"text-align: justify;\">Mr. Raghav Chadha and Bhargavi Kannan, Advocates.<\/p>\n<p style=\"text-align: justify;\"><strong>For Respondent:<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong>Mr. Joy Saha, Sr. Advocate with<\/p>\n<p style=\"text-align: justify;\">Mr. Ishaan Saha, Mr. Santosh Kumar Ray<\/p>\n<p style=\"text-align: justify;\">and Rituparna Sanyal, Advocates.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>National Company Law Appellate Tribunal (NCLAT): The Coram of Judicial A.I.S. Cheema (The officiating Chairperson) and Dr Alok Srivastava (Technical Member) while <\/p>\n","protected":false},"author":67011,"featured_media":153604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[30361,29785,22014,12521],"class_list":["post-253128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-ibc","tag-law","tag-nclat","tag-nclt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCLAT | Matter getting protracted, defeating the purpose of IBC; Orders NCLT to pass orders \u2018one way or the other\u2019 | SCC Times<\/title>\n<meta name=\"description\" content=\"IBC\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/23\/ibc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLAT | Matter getting protracted, defeating the purpose of IBC; 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NCLAT addresses","author":"Bhumika Indulia","date":"February 22, 2022","format":false,"excerpt":"\u00a0If CIRP or Liquidation Proceeding of a Corporate Debtor is pending before a NCLT, application relating to Insolvency Process of Corporate or Personal Guarantor should be filed before same NCLT. National Company Law Appellate Tribunal, New Delhi (NCLAT): The Coram of Justice Ashok Bhushan (Chairperson) and Dr Alok Srivastava (Technical\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":50541,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/06\/04\/national-company-law-tribunal-constituted-new-perspectives-for-dispute-resolution\/","url_meta":{"origin":253128,"position":1},"title":"National Company Law Tribunal Constituted \u2013 New Perspectives for Dispute Resolution","author":"Sucheta","date":"June 4, 2016","format":false,"excerpt":"The Ministry of Corporate Affairs (MCA) vide a notification dated 1 June 2016 has constituted the National Company Law Tribunal (NCLT) and its appellate authority, the National Company Law Appellate Tribunal (NCLAT) with effect from such date. The principal bench of the NCLT is to be located at New Delhi,\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":210382,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/20\/nclat-pre-admission-enquiry-under-s-7-ibc-not-to-be-converted-to-full-dressed-trial-nclt-directed-to-expedite-disposal-of-application\/","url_meta":{"origin":253128,"position":2},"title":"NCLAT | Pre-admission enquiry under S. 7 IBC not to be converted to full-dressed trial, NCLT directed to expedite disposal of application","author":"Bhumika Indulia","date":"February 20, 2019","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT):\u00a0Justice Bansi Lal Bhat, Member (Judicial) disposed of an appeal by Asset Reconstruction Co. (India) Ltd. with a direction to National Company Law Tribunal, Ahmedabad to expedite the disposal of the application under Section 7 of the Insolvency\u00a0and Bankruptcy Code, 2016 pending before it. Dinkar\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":209399,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/04\/nclat-parties-may-settle-the-claim-in-interregnum-of-filing-of-application-under-s-7-ibc-and-constitution-of-committee-of-creditors\/","url_meta":{"origin":253128,"position":3},"title":"NCLAT | Parties may settle the claim in interregnum of filing of application under S. 7 IBC and constitution of Committee of Creditors","author":"Bhumika Indulia","date":"February 4, 2019","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): The Bench of Justice S.J. Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial) allowed an appeal filed against the order of National Company Law Tribunal (New Delhi) whereby it had admitted respondent's\u00a0application under Section 7 of the Insolvency and Bankruptcy Code, 2016 and\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":219804,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/21\/nclat-nclt-new-delhi-in-terms-of-s-601-ibc-held-to-have-jurisdiction-in-s-7-application-against-corporate-debtor-having-properties-in-up\/","url_meta":{"origin":253128,"position":4},"title":"NCLAT | NCLT, New Delhi in terms of S. 60(1) IBC, held to have jurisdiction in S. 7 application against Corporate Debtor having properties in UP","author":"Bhumika Indulia","date":"September 21, 2019","format":false,"excerpt":"National Company Appellate Tribunal (NCLAT):\u00a0A Bench of Justice S.J. 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