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TMI Blog2022 (11) TMI 404X X X X Extracts X X X X X X X X Extracts X X X X ..... behalf of the Financial Creditor, logged in, had sought time, and, therefore, this Tribunal opines that the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench - II, Hyderabad), obviously, had adopted a pedantic and an hyper-technical approach, because of the fact, that no progress was made in the subject matter and added further, that the Tribunal went on to observe that even on this date, viz., 21.02.2022 given by it was exclusively to proceed with the matter. It must be borne in mind that, if the Restoration Application preferred by the Party / Person is dismissed, at the threshold, then, there is a possibility, that even the meritorious case / matter may be thrown out, at the nascent stage. However, if the Restora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... instant Comp. App. (AT)(CH)(Ins) No.391/2022, is inclined to dispose of the Comp. App. (AT)(CH)(Ins) No.391/2022, at the stage of Admission itself and not ordering Notice to the Respondent Nos.2 and3. The Learned Counsel for the 1st Respondent is permitted to file Vakalat on behalf of the Respondent No.1 in the instant Comp. App. (AT)(CH)(Ins) No.391/2022 for his appearance and Heard . 4. The Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench - II, Hyderabad) on 22.03.2022 in IA(IBC) No.260/2022 in CP (IB) No.462/7/HDB/2018 had passed the following observations: - Learned Counsel on behalf of the Canara Bank appeared via video conference. This IA has been filed to recall the order dated 21.02.2022 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... HDB/2018 was preferred by the Appellant / Financial Creditor / Bank and it being the custodian of Public Money . 8. The Learned Counsel for the Appellant / Bank / Petitioner strenuously comes out with a Plea that, inspite of the fact that the Order dated 21.02.2022 in IA/701/2019 in CP (IB) No.462/7/HDB/2018, mentioned that One Officer of the Financial Creditors logged in and sought time, the same was denied and the Application was dismissed for Non-Prosecution . 9. On going through the contents of the Order dated 21.02.2022 in IA/701/2019 in CP (IB) No.462/7/HDB/2018, passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench - II, Hyderabad), this Tribunal is of the considered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Occasions the Applicant had not evinced any interest in prosecuting the said Application . This observation of the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench - II, Hyderabad), in IA(IBC) No.260/2022 in CP (IB) No.462/7/HDB/2018, in the considered opinion of this Tribunal is not a valid, tenable and a justiciable one . 11. It must be borne in mind that, if the Restoration Application preferred by the Party / Person is dismissed , at the threshold, then, there is a possibility, that even the meritorious case / matter may be thrown out, at the nascent stage. However, if the Restoration Application is Allowed by the Adjudicating Authority / Tribunal by resorting a liberal approach , the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erabad Bench - II, Hyderabad) is directed to restore IA(IBC) No.260/2022 in CP (IB) No.462/7/HDB/2018 to its File within One Week , from the date of receipt of a copy of this Order . After restoring the IA(IBC) No.260/2022 in CP (IB) No.462/7/HDB/2018, on the file of the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench - II, Hyderabad) is required to provide an opportunity to the other side to file their Replies / Responses / Counters within Ten Days , thereafter, and for filing Rejoinder , if any, another Three Days time is to be granted to the Appellant / Bank / Petitioner . Thereafter, by adhering to the Principles of Natural Justice i.e., providing an opportunity of Hearing to the respectiv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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