The Appellant filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), Division Bench-II, Chennai, reserved orders on September 2, 2020. However, on November 11, 2020, instead of passing an order, the Adjudicating Authority adjourned the matter, directing it to be listed on December 17, 2020, for further clarification. This effectively re-opened the matter.
Marappar Textiles Pvt. Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal) reserved orders on September 2, 2020. On November 11, 2020, instead of issuing an order, the Adjudicating Authority adjourned the matter to December 17, 2020, for further clarification. This action was deemed by the appellate tribunal to be a de-reserving/reopening of the matter. The appellate tribunal noted that the Adjudicating Authority's procedure did not conform to the I&B Code, which requires applications under Sections 7, 9, and 10 to be disposed of within 14 days of filing. The impugned order was ambiguous, not specifying the clarification sought. The appellate tribunal found that the
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The Adjudicating Authority reserved orders on…
The Adjudicating Authority adjourned the…
The Appellant filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), Division Bench-II, Chennai, reserved orders on September 2, 2020. However, on November 11, 2020, instead of passing an order, the Adjudicating Authority adjourned the matter, directing it to be listed on December 17, 2020, for further clarification. This effectively re-opened the matter.
Marappar Textiles Pvt. Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal) reserved orders on September 2, 2020. On November 11, 2020, instead of issuing an order, the Adjudicating Authority adjourned the matter to December 17, 2020, for further clarification. This action was deemed by the appellate tribunal to be a de-reserving/reopening of the matter. The appellate tribunal noted that the Adjudicating Authority's procedure did not conform to the I&B Code, which requires applications under Sections 7, 9, and 10 to be disposed of within 14 days of filing. The impugned order was ambiguous, not specifying the clarification sought. The appellate tribunal found that the
…The Adjudicating Authority reserved orders on…
The Adjudicating Authority adjourned the…