9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (12) TMI 1176 - SCH - Insolvency and BankruptcyMaintainability of section 7 application - nearly two years have gone by in the interregnum - HELD THAT - After the application under Section 7 is heard and disposed of on merits, should it become necessary to do so, the parties would be at liberty to take recourse to all appropriate proceedings in accordance with law. At that stage, should it become so necessary, this Court will enquire into both the merits and maintainability. However, we also clarify that the issue of maintainability shall stand concluded by the impugned order dated 17 November 2023 insofar as the National Company Law Tribunal NCLT and NCLAT is concerned. Since the application under Section 7 is pending for over two years, the NCLT is requested to take up the application at the earliest possible date and to endeavour an expeditious disposal within two months. Appeal dismissed.
Issues involved:
1. Maintainability of the application under Section 7 of the Insolvency and Bankruptcy Code 2016. The Supreme Court, in the present case, addressed the issue of the maintainability of the application under Section 7 of the Insolvency and Bankruptcy Code 2016. The impugned order of the National Company Law Appellate Tribunal (NCLAT) dated 17 November 2023 was under consideration, where the stage of the application under Section 7 was being questioned. The Court noted that the application under Section 7 was still pending a hearing on merits, despite almost two years having passed. Consequently, the Court declined to entertain the proceedings at the current stage. The Court further stated that after the application under Section 7 is heard and disposed of on merits, the parties would have the option to pursue appropriate proceedings as per the law. The Court reserved the right to examine both the merits and maintainability at that stage, while also confirming that the issue of maintainability had been settled by the impugned order dated 17 November 2023 concerning the NCLT and NCLAT. Additionally, due to the prolonged pendency of the application under Section 7 for over two years, the Court urged the NCLT to expedite the disposal of the application within two months. Finally, the Court dismissed the Civil Appeals, with any pending applications being disposed of accordingly.
|
