{"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 v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\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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