The appeal was preferred by SAK Industries Pvt Ltd, the operational creditor, against an order dated July 19, 2017, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi. The application preferred by the appellant under Section 9 of the Insolvency and Bankruptcy Code, 2016, was rejected because the defects had not been removed within 7 days, which was considered mandatory based on a prior Appellate Tribunal decision. The respondents were notified but did not appear or dispute the facts in the appeal.
SAK Industries Pvt Ltd, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), New Delhi, rejected the application because the defects were not removed within 7 days. The appellant appealed to the National Company Law Appellate Tribunal (NCLAT). The respondents were notified but did not appear. The appellant cited the Supreme Court's decision in M/s Surendra Trading Company Vs M/s Juggilal Kamlapat Jute Mills Company Ltd and Others, Civil Appeal No.8400 of 2017 etc., which held that the 7-day defect removal period is not mandatory. This Supreme Court decision is crucial because it directly contradicts the basis on which the Adjudicating Authority rejected
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The Adjudicating Authority (National Company…
The Supreme Court issued a judgement in Civil…
The appeal was preferred by SAK Industries Pvt Ltd, the operational creditor, against an order dated July 19, 2017, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi. The application preferred by the appellant under Section 9 of the Insolvency and Bankruptcy Code, 2016, was rejected because the defects had not been removed within 7 days, which was considered mandatory based on a prior Appellate Tribunal decision. The respondents were notified but did not appear or dispute the facts in the appeal.
SAK Industries Pvt Ltd, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), New Delhi, rejected the application because the defects were not removed within 7 days. The appellant appealed to the National Company Law Appellate Tribunal (NCLAT). The respondents were notified but did not appear. The appellant cited the Supreme Court's decision in M/s Surendra Trading Company Vs M/s Juggilal Kamlapat Jute Mills Company Ltd and Others, Civil Appeal No.8400 of 2017 etc., which held that the 7-day defect removal period is not mandatory. This Supreme Court decision is crucial because it directly contradicts the basis on which the Adjudicating Authority rejected
…The Adjudicating Authority (National Company…
The Supreme Court issued a judgement in Civil…