National Company Law Appellate Tribunal (NCLAT): The Coram of Justice M. Venugopal, Acting Chairperson, V.P. Singh, Technical Member and Ashok Kumar Mishra, Technical Member, directed NCLT, Principal Bench, New Delhi, adjudicating authority, to take up the pending matter and to pass orders on merits.
In the instant matter, the grievance to be addressed was that the adjudicating authority was not taking up the matter because of ‘paucity of time’. Notably, it was alleged that the deadlines of 180 days and 330 days both had expired during the period when the matter was pending.
The Tribunal keeping the idea of ‘speed is the gist or essence of I&B Code’ at the epicenter, and without going into any opinion on merits and delving in deep, directed NCLT to take up the matter on the next date of hearing without fail. The Tribunal even stated that the NCLT to pass orders on merits and in a fair, dispassionate manner without being uninfluenced and untrammeled by any of the observations of NCLAT.[Koganti Sree Surya Babu v. Innovari Technology (P) Ltd., Comp. App. (AT) (Ins) No. 746 of 2021, decided on 14-09-2021]
Agatha Shukla, Editorial Assistant has reported this brief.
Counsel for the Parties:
For Appellant:
Ms. Nidhi Mohan Parashar, Advocate.
For Respondent:
Mr. Paratha Sarathy Sarkar, (RP)