This is a Company Appeal (AT) (Insolvency) No. 367 of 2020 before the National Company Law Appellate Tribunal, New Delhi. Techno Electric & Engineering Co. Ltd. is the Appellant, and McLeod Russel India Ltd. is the Respondent. The appeal arises from a Section 7 application under the I&B Code, which is at the pre-admission stage. The Appellant's counsel submits that seven months have passed since filing the application, and the Adjudicating Authority has not made a decision.
Techno Electric & Engineering Co. Ltd. filed a Section 7 application under the I&B Code against McLeod Russel India Ltd. The application has been pending before the Adjudicating Authority for seven months without a decision on admission. The Appellant argues that this delay is unreasonable, given the timelines prescribed by the I&B Code. The Adjudicating Authority has not taken a decision regarding admission or otherwise of the application. The statutory period of 14 days for passing an order by the Adjudicating Authority with regard to admission or otherwise of an application under Section 7 of the Code has not been held to be “mandatory".
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The NCLAT disposed of the appeal, directing the…
This is a Company Appeal (AT) (Insolvency) No. 367 of 2020 before the National Company Law Appellate Tribunal, New Delhi. Techno Electric & Engineering Co. Ltd. is the Appellant, and McLeod Russel India Ltd. is the Respondent. The appeal arises from a Section 7 application under the I&B Code, which is at the pre-admission stage. The Appellant's counsel submits that seven months have passed since filing the application, and the Adjudicating Authority has not made a decision.
Techno Electric & Engineering Co. Ltd. filed a Section 7 application under the I&B Code against McLeod Russel India Ltd. The application has been pending before the Adjudicating Authority for seven months without a decision on admission. The Appellant argues that this delay is unreasonable, given the timelines prescribed by the I&B Code. The Adjudicating Authority has not taken a decision regarding admission or otherwise of the application. The statutory period of 14 days for passing an order by the Adjudicating Authority with regard to admission or otherwise of an application under Section 7 of the Code has not been held to be “mandatory".
The NCLAT disposed of the appeal, directing the…