# In the matter of Asset Reconstruction Company (India) Ltd. Vs. Malwa Industries Ltd., CA (AT) (Ins) No. 332 of 2021

> NCLAT judgment dated 2021-06-21. Citation: TCN-2021-NCLAT-00220. The case involves an appeal against an order related to an insolvency application filed by…

- **Court:** NCLAT
- **Order date:** 21 Jun 2021
- **Citation:** TCN-2021-NCLAT-00220
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/asset-reconstruction-company-india-ltd-vs-malwa-industries-ltd-ca-5f62678f

## Summary

### Background

The case involves an appeal against an order related to an insolvency application filed by Asset Reconstruction Company (India) Ltd. before the NCLT Chandigarh Bench against Malwa Industries Ltd. The appellant sought directions from the NCLAT to expedite the adjudication of the insolvency application (CP (IB) No. 272/CHD/PB/2020) pending before the NCLT Chandigarh Bench. The appellant had filed a Section 7 application before the NCLT Chandigarh Bench on 04.03.2020. The I.A. Application was disposed of, fixing 04.05.2021 as the next date of hearing.

## Facts

Asset Reconstruction Company (India) Ltd. filed an insolvency application (CP (IB) No. 272/CHD/PB/2020) against Malwa Industries Ltd. before the NCLT Chandigarh Bench. The application was filed under Section 7 of the IBC. The appellant sought directions from the NCLAT to expedite the adjudication of the insolvency application. The I.A. Application was disposed of, fixing 04.05.2021 as the next date of hearing. The matter was re-notified to 26.07.2021. The appellant's counsel informed the NCLAT that the proceedings before the NCLT Chandigarh Bench did not take place on 04.05.2021. The NCLAT was informed about the delays in the NCLT proceedings and the rescheduling of hearings due to the COVID-19 pandemic.

## Issues and analysis

### Issue 1: Whether the NCLAT should direct the NCLT Chandigarh Bench to expedite the adjudication of the …

**Ratio:** The NCLAT has the power to oversee the functioning of the NCLT and to ensure the timely

…

**Reasoning:** The NCLAT reasoned that the appellant's request for expedited adjudication was justified

…

**Interpretation:** The NCLAT's interpretation of its powers and responsibilities under the IBC is

…

**Application:** The NCLAT applied the ratio and reasoning to the specific facts of the case by

…

## Parties

- **Judges:** Anant Bijay…; Shreesha…; +1 more
- **Appellants:** Asset Reconstructi…
- **Respondents:** Malwa Industries…

## Timeline

- **2020-03-04 — Filing of Section 7…**: Asset Reconstruction Company (India) Ltd. filed a Section 7 application before the NCLT…
- **2020-11-09 — Reference to Appeal…**: Counsel for the Appellant refers to Page 51 of the 'Appeal Paper Book' relevant at page…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/asset-reconstruction-company-india-ltd-vs-malwa-industries-ltd-ca-5f62678f