# In the matter of Asset Reconstruction Company (India) Ltd. Vs Neesa Leisure Ltd. CA(AT)(Insolvency) 615-2018

> NCLAT judgment dated 2018-12-05. Citation: TCN-2018-NCLAT-00023. The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT), New…

- **Court:** NCLAT
- **Order date:** 5 Dec 2018
- **Citation:** TCN-2018-NCLAT-00023
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/asset-reconstruction-company-india-ltd-vs-neesa-leisure-ltd-ca-6be74a39

## Summary

### Background

The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT), New Delhi, concerning an insolvency matter. The appeal was preferred by Asset Reconstruction Company (India) Ltd. against Neesa Leisure Ltd. The NCLAT considered the nature of the appeal and an interim direction previously passed by the tribunal on October 3, 2018.

## Facts

Asset Reconstruction Company (India) Ltd. filed an appeal against Neesa Leisure Ltd. before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The appeal pertained to an insolvency matter. The NCLAT had previously issued an interim direction on October 3, 2018. The Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, was considering an application, the disposal of which was the subject of the appeal. The NCLAT directed the Adjudicating Authority to decide on the admission of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, within two weeks, without being influenced by the NCLAT's previous observations.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should be directed to decide on the admission of the application …

**Ratio:** The ratio is that timely disposal of applications under Section 7 of the Insolvency and

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**Reasoning:** The court reasoned that providing a timeframe for the Adjudicating Authority to decide on

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**Interpretation:** This interpretation emphasizes the importance of adhering to timelines in

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**Application:** The ratio and reasoning were applied to direct the Adjudicating Authority to

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## Parties

- **Judges:** Bansi Lal…
- **Appellants:** Asset Reconstructi…
- **Respondents:** Neesa Leisu…

## Timeline

- **2018-10-03 — Interim Dir…**: Appellate Tribunal…
- **2018-12-05 — Final Or…**: NCLAT disposed of the appeal with direction to the Adjudicating Authority to decide the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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