2021 (3) TMI 1432 - AT - Insolvency and Bankruptcy

Failure to pass an order of admission or rejection in respect of such Application in terms of mandate of Section 7(4) (5) of the I B Code - HELD THAT - The Adjudicating Authority are directed to pass an order of admission or rejection of the Application filed by the Appellant under Section 7 of the I B code within one week and report compliance to this Appellate Tribunal. Appeal disposed off.

Summary

The National Company Law Appellate Tribunal directed the Adjudicating Authority to decide on an application under Section 7 of the Insolvency and Bankruptcy Code within one week, emphasizing the need to follow timelines and tribunal directions. The appeal was disposed of accordingly.