# In the matter of Insolvency & Bankruptcy Board of India (IBBI) Vs. Rishi Prakash Vats & Ors. CA (AT) (Insolvency) No. 324-2019

> NCLAT judgment dated 2019-05-13. Citation: TCN-2019-NCLAT-00561. This is a Company Appeal (AT) (Insolvency) No. 324 of 2019 before the National Company Law…

- **Court:** NCLAT
- **Order date:** 13 May 2019
- **Citation:** TCN-2019-NCLAT-00561
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/insolvency-bankruptcy-board-of-india-ibbi-vs-rishi-prakash-vats-ors-ca-6a2d71db

## Summary

### Background

This is a Company Appeal (AT) (Insolvency) No. 324 of 2019 before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The Insolvency & Bankruptcy Board of India (IBBI) is the Appellant, and Rishi Prakash Vats & Ors. are the Respondents.

## Facts

The Insolvency & Bankruptcy Board of India (IBBI) filed an appeal against Rishi Prakash Vats & Ors. The first respondent requested, through their counsel Mr. Apoorv Sarvaria, two weeks to file a reply-affidavit along with Vakalatnama. The court granted this request and allowed the appellant two weeks thereafter to file a rejoinder, if any. The case was then scheduled for admission after notice on July 11, 2019.

## Issues and analysis

### Issue 1: Whether the first respondent should be granted …

**Ratio:** Courts have the discretion to grant parties reasonable time to present their case and

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**Reasoning:** The court considered the request of the respondent's counsel and found it reasonable to

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**Interpretation:** This reflects the court's inherent power to manage proceedings efficiently

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**Application:** The court applied this principle by granting the first respondent two weeks to

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** Insolvency and…
- **Respondents:** Rishi Prakash…

## Timeline

- **2019-05-13 — Order Da…**: Court grants Respondent No. 1 two weeks to file reply-affidavit and allows Appellant two…
- **2019-07-11 — Next Hea…**: Case posted for…

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