# In the matter of Urban Infrastructure Trustees Ltd. Vs. Ozone Propex Pvt. Ltd. CA(AT)(Ins) No. 204 of 2020

> NCLAT judgment dated 2020-02-03. Citation: TCN-2020-NCLAT-00463. The appeal was filed against an order dated 17th December 2019 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 3 Feb 2020
- **Citation:** TCN-2020-NCLAT-00463
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/urban-infrastructure-trustees-ltd-vs-ozone-propex-pvt-ltd-ca-63544296

## Summary

### Background

The appeal was filed against an order dated 17th December 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench. The appellant's grievance is that the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been pending for one year since January 2019. The Adjudicating Authority had kept the case pending due to a sub-judice matter before the High Court of Karnataka.

## Facts

Urban Infrastructure Trustees Ltd. filed an appeal against Ozone Propex Pvt. Ltd. The appeal challenged an order dated 17th December 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench. The appellant's grievance was that their application under Section 7 of the Insolvency and Bankruptcy Code, 2016, had been pending for one year since January 2019 because the Adjudicating Authority kept the case pending due to a sub-judice matter before the High Court of Karnataka. The appellant sought a resolution to their pending application under Section 7 of the I&B Code. The Adjudicating Authority had kept the matter pending awaiting the decision of the Hon'ble High Court of Karnataka.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in keeping the application under Section 7 of the …

**Ratio:** The Supreme Court in 'Innoventive Industries Ltd. Vs. ICICI Bank and Anr. – (2018) 1 SCC

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**Reasoning:** The court reasoned that in the absence of any stay order from the High Court of

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**Interpretation:** The interpretation of Section 7 of the I&B Code, as clarified by the

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Urban Infrastructu…
- **Respondents:** Ozone Propex Pvt.…

## Timeline

- **2019-12-17 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench, passed an…
- **2019-01-01 — Application…**: The application under Section 7 of the I&B Code had been pending for one year since…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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