The case involves a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Tribunal issued a notice on 2024-04-01. The Corporate Debtor's counsel appeared and stated that service was made on 2024-04-06, requesting four weeks to file a reply and vakalatnama. The Tribunal notes the NCLAT's direction for a preliminary notice before proceeding with the Section 7 petition, which takes one week for service on the Corporate Debtor.
A petition under Section 7 of the IBC was filed. The Tribunal issued a notice on 2024-04-01. The Corporate Debtor's counsel appeared on 2024-04-06, stating that service was made and requesting four weeks to file a reply and vakalatnama. The Tribunal notes the NCLAT's direction for a preliminary notice. Granting the requested time would delay the proceedings. The Tribunal ultimately grants two weeks for filing the reply and vakalatnama, with no further opportunities. The case is listed for 2024-05-08. The IBBI is to be sent a copy of the order. The relevance of these facts is that they show the progression of the case, the requests made by the corporate debtor, and the tribunal's decisions regarding those requests, especially concerning the timeline of the proceedings.
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The Tribunal issued a…
Counsel for the…
The case involves a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Tribunal issued a notice on 2024-04-01. The Corporate Debtor's counsel appeared and stated that service was made on 2024-04-06, requesting four weeks to file a reply and vakalatnama. The Tribunal notes the NCLAT's direction for a preliminary notice before proceeding with the Section 7 petition, which takes one week for service on the Corporate Debtor.
A petition under Section 7 of the IBC was filed. The Tribunal issued a notice on 2024-04-01. The Corporate Debtor's counsel appeared on 2024-04-06, stating that service was made and requesting four weeks to file a reply and vakalatnama. The Tribunal notes the NCLAT's direction for a preliminary notice. Granting the requested time would delay the proceedings. The Tribunal ultimately grants two weeks for filing the reply and vakalatnama, with no further opportunities. The case is listed for 2024-05-08. The IBBI is to be sent a copy of the order. The relevance of these facts is that they show the progression of the case, the requests made by the corporate debtor, and the tribunal's decisions regarding those requests, especially concerning the timeline of the proceedings.
The Tribunal issued a…
Counsel for the…