# In the matter of Shreya Life Sciences Pvt. Ltd. vs. LIC Housing Finance Ltd.

> NCLAT judgment dated 2023-07-14. Citation: TCN-2023-NCLAT-00368. The case involves an appeal against two orders dated 2023-06-26 and 2023-06-30. The…

- **Court:** NCLAT
- **Order date:** 14 Jul 2023
- **Citation:** TCN-2023-NCLAT-00368
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/shreya-life-sciences-pvt-ltd-vs-lic-housing-finance-ltd-67efe9ee

## Summary

### Background

The case involves an appeal against two orders dated 2023-06-26 and 2023-06-30. The Adjudicating Authority had taken the reply on record and reserved the order after hearing the matter on 2023-06-26. The Appellant filed I.A. No. 2722 of 2023 to set aside the order dated 2023-06-26, which was rejected on 2023-06-30. The Corporate Debtor had filed a Reply and written submission, which was permitted to be filed. The Appellant requested an adjournment on 2023-06-26, which was not granted, and the hearing order was reserved. The Appellant's submission was that they should have been given another opportunity for final argument, which was not advanced on 2023-06-26 due to the unavailability of arguing counsel.

## Facts

Shreya Life Sciences Pvt. Ltd. filed an appeal against LIC Housing Finance Ltd. The appeal contested two orders issued on June 26, 2023, and June 30, 2023, by the Adjudicating Authority. The Adjudicating Authority had already taken the reply on record and reserved the order after hearing the matter. The appellant's application to set aside the order of June 26, 2023, was rejected on June 30, 2023. The corporate debtor had filed a reply and written submission. The appellant requested an adjournment on June 26, 2023, which was denied. The appellant argued for another opportunity for final argument due to the unavailability of counsel on June 26, 2023. The court considered the submissions and record, noting the appellant's reply and written submission already filed.

## Issues and analysis

### Issue 1: Whether the Appellate Court can direct the Adjudicating Authority to rehear a matter after the …

**Ratio:** The Appellate Court cannot issue a direction to the Adjudicating Authority for rehearing

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**Reasoning:** The court reasoned that since the Adjudicating Authority had already reserved the order

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**Interpretation:** This legal issue concerns the extent of the Appellate Court's power to

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**Application:** In this specific case, the court applied the ratio by refusing to direct the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Shreya Life…
- **Respondents:** LIC Housing…

## Timeline

- **2023-06-26 — Adjudicating Authority…**: The Adjudicating Authority took the reply on record and reserved the order after hearing…
- **2023-06-26 — Appellant Request for…**: The Appellant requested an…

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