The case involves an appeal against an order of the Adjudicating Authority (National Company Law Tribunal) Ahmedabad Bench, Ahmedabad Court No. 2, which listed a Section 7 application under the Insolvency and Bankruptcy Code, 2016 for 'final hearing' at the pre-admission stage. The application had been pending since July 2020. The Appellate Tribunal noted that listing the matter for 'final hearing' at the pre-admission stage was irregular, as the Adjudicating Authority's primary task at this stage is to ascertain the existence of debt and default within 14 days of the application, as mandated by Section 7(4) of the I&B Code.
Aditya Birla Finance Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sintex Prefab and Infra Ltd. The application was pending at the pre-admission stage before the Adjudicating Authority (National Company Law Tribunal) Ahmedabad Bench. The Adjudicating Authority listed the matter for 'final hearing' on January 12, 2021, despite it being at the pre-admission stage. The application had been pending since July 2020. The Appellate Tribunal found this listing to be irregular, as the Adjudicating Authority's role at the pre-admission stage is to ascertain the existence of debt and default within 14 days of the application, as mandated by Section 7(4) of the I&B Code. The Appellate Tribunal referred to a similar case,
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The Section 7…
The Adjudicating…
The case involves an appeal against an order of the Adjudicating Authority (National Company Law Tribunal) Ahmedabad Bench, Ahmedabad Court No. 2, which listed a Section 7 application under the Insolvency and Bankruptcy Code, 2016 for 'final hearing' at the pre-admission stage. The application had been pending since July 2020. The Appellate Tribunal noted that listing the matter for 'final hearing' at the pre-admission stage was irregular, as the Adjudicating Authority's primary task at this stage is to ascertain the existence of debt and default within 14 days of the application, as mandated by Section 7(4) of the I&B Code.
Aditya Birla Finance Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sintex Prefab and Infra Ltd. The application was pending at the pre-admission stage before the Adjudicating Authority (National Company Law Tribunal) Ahmedabad Bench. The Adjudicating Authority listed the matter for 'final hearing' on January 12, 2021, despite it being at the pre-admission stage. The application had been pending since July 2020. The Appellate Tribunal found this listing to be irregular, as the Adjudicating Authority's role at the pre-admission stage is to ascertain the existence of debt and default within 14 days of the application, as mandated by Section 7(4) of the I&B Code. The Appellate Tribunal referred to a similar case,
…The Section 7…
The Adjudicating…