2023 (8) TMI 906 - SCH - Insolvency and Bankruptcy

Application for approval of the resolution plan heard on as many as 35 days - Final orders have not been passed - HELD THAT - On 7 August 2023, the proceedings were heard for several hours after which they were posted to 29 August 2023 but in the meantime one of the members of the Bench has been transferred to the Bench of the NCLT at Chandigarh. In view of the time lines specified in the Insolvency and Bankruptcy Code, the NCLT should dispose of the application for approval of the resolution plan as expeditiously as possible and in any event within a period of two months from the date of this order and report compliance to this Court - Application disposed off.

Summary

Issues involved: Delays in hearing the application for approval of the resolution plan by the National Company Law Tribunal (NCLT) and the transfer of a member of the Bench to another location.

Judgment Summary:

1. The Supreme Court noted that after a previous judgment, the NCLT had taken 35 days to hear the application for approval of the resolution plan, but final orders were still pending.

2. The proceedings on 7 August 2023 were adjourned to 29 August 2023 due to a member of the Bench being transferred to the NCLT at Chandigarh.

3. Emphasizing the time limits set by the Insolvency and Bankruptcy Code, the Supreme Court directed the NCLT to dispose of the application for approval of the resolution plan expeditiously, within two months from the date of the order, and report compliance to the Court.

4. The Supreme Court disposed of the Miscellaneous Application accordingly.