This appeal was filed by the corporate debtor, The Dhar Textile Mills Ltd., challenging an order dated November 19, 2018, issued by the Adjudicating Authority. The Adjudicating Authority had adjourned the matter and granted the financial creditor, Asset Reconstruction Company (India) Ltd., seven days to clarify or remove defects in its application. The corporate debtor's representative argued that the matter had been pending for approximately one year without a decision on the admission or rejection of the Section 7 application under the Insolvency and Bankruptcy Code. This delay was a significant concern for the corporate debtor, as it prolonged the uncertainty surrounding the insolvency proceedings.
The corporate debtor, The Dhar Textile Mills Ltd., filed an appeal against an order dated November 19, 2018, issued by the Adjudicating Authority. This order had adjourned the matter and granted the financial creditor, Asset Reconstruction Company (India) Ltd., seven days to submit clarifications or remove defects in its application. The corporate debtor's representative, Mr. Pratik Tripathi, highlighted that the matter had been pending for approximately one year without any definitive order from the Adjudicating Authority regarding the admission or rejection of the application filed under Section 7 of the Insolvency and Bankruptcy Code. This prolonged delay was a primary point of contention for the appellant.
The application under Section 7 of the I&B…
The NCLAT passed an order in Company Appeal…
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This appeal was filed by the corporate debtor, The Dhar Textile Mills Ltd., challenging an order dated November 19, 2018, issued by the Adjudicating Authority. The Adjudicating Authority had adjourned the matter and granted the financial creditor, Asset Reconstruction Company (India) Ltd., seven days to clarify or remove defects in its application. The corporate debtor's representative argued that the matter had been pending for approximately one year without a decision on the admission or rejection of the Section 7 application under the Insolvency and Bankruptcy Code. This delay was a significant concern for the corporate debtor, as it prolonged the uncertainty surrounding the insolvency proceedings.
The corporate debtor, The Dhar Textile Mills Ltd., filed an appeal against an order dated November 19, 2018, issued by the Adjudicating Authority. This order had adjourned the matter and granted the financial creditor, Asset Reconstruction Company (India) Ltd., seven days to submit clarifications or remove defects in its application. The corporate debtor's representative, Mr. Pratik Tripathi, highlighted that the matter had been pending for approximately one year without any definitive order from the Adjudicating Authority regarding the admission or rejection of the application filed under Section 7 of the Insolvency and Bankruptcy Code. This prolonged delay was a primary point of contention for the appellant.
The application under Section 7 of the I&B…
The NCLAT passed an order in Company Appeal…
Sign in to view related legal provisions.