Swastik Petrochem, the Operational Creditor, initiated proceedings against M/s. T.K. Engineering Consortium Pvt. Ltd., the Corporate Debtor, under Section 8 & 9 of the Insolvency & Bankruptcy Code, 2016. The Corporate Debtor's representative, a Chartered Accountant, failed to file a reply affidavit. The Corporate Debtor submitted a reschedule proposal to the Operational Creditor, which is currently pending acceptance. The court considered the failure to file a reply affidavit despite the pending reschedule proposal. The court granted a final opportunity to the Corporate Debtor to file the reply affidavit within seven days, with a subsequent direction for the Operational Creditor to file a rejoinder if the affidavit is filed.

Swastik Petrochem, the Operational Creditor, initiated proceedings against M/s. T.K. Engineering Consortium Pvt. Ltd., the Corporate Debtor, under Section 8 & 9 of the Insolvency & Bankruptcy Code, 2016. The Corporate Debtor's representative, a Chartered Accountant, failed to file a reply affidavit. The Corporate Debtor submitted a reschedule proposal to the Operational Creditor, which is currently pending acceptance. The court considered the failure to file a reply affidavit despite the pending reschedule proposal. The court granted a final opportunity to the Corporate Debtor to file the reply affidavit within seven days, with a subsequent direction for the Operational Creditor to file a rejoinder if the affidavit is filed.