2021 (8) TMI 1339 - AT - Insolvency and Bankruptcy

Stay of impugned order - stay on further proceedings - HELD THAT - Before the next date of Hearing, it is open to the Learned Counsel(s) for the Appellant(s) side and the Learned Counsel(s) for the Respondent(s) side to complete their pleadings like filing of Reply/Response/Counter in the respective Appeals and also filing of Rejoinder, if any, before the Office of the Registry (not only through e-filing but also through Hard Copy) and the necessary copy shall be exchanged between the Learned Counsel(s) one week before the next date of Hearing. The Office of the Registry is directed to List the matter on 16.09.2021.

Summary

Issues: Stay of Impugned Order, Pleadings completion, Submission of Notes of Submissions

Stay of Impugned Order:
The judgment by the National Company Law Appellate Tribunal, Chennai, granted a stay of the 'Impugned Order' in respect of specific directions until the next date of hearing. The stay included a halt on further proceedings on the file of the Adjudicating Authority, National Company Law Tribunal, Bengaluru Bench. This decision allowed both the Appellant and Respondent sides to complete their pleadings before the next hearing date. The stay was specifically related to Directions No. (1-6) of the Impugned Order dated 28.05.2021.

Pleadings Completion:
The judgment emphasized the importance of completing pleadings before the next date of hearing. It instructed the Learned Counsel for both the Appellant and Respondent sides to file Reply/Response/Counter in the respective appeals and also filing of Rejoinder, if any, before the Office of the Registry. The completion of pleadings was not limited to e-filing but also required submission through Hard Copy. The exchange of necessary copies between the counsels was mandated one week before the next date of hearing.

Submission of Notes of Submissions:
Furthermore, the judgment allowed the Learned Counsel appearing for the respective parties to submit their Notes of Submissions, limited to three to four pages, along with Citations. These submissions were to be filed before the Office of the Registry, not only through e-filing but also through Hard Copy. The copies of these submissions were to be exchanged between the counsels well in advance before the next date of hearing. The judgment set a specific deadline for the filing of Reply/Response/Counter of Respondent(s) in the form of Hard Copy, granting two weeks' time from the date of the judgment. It also allowed the filing of Rejoinder by the Appellants within one week after receiving the Respondent's submissions. The Office of the Registry was directed to list the matter for the next hearing on 16.09.2021.