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TMI Blog2023 (1) TMI 394X X X X Extracts X X X X X X X X Extracts X X X X ..... Preliminary Counter. The Code is a Time Bound Proceeding which does not provide for filing a Preliminary Counter and subsequent Final Counter, which is nothing but delaying tactic adopted by the Appellant herein, in support of their submissions that the pleadings are not complete. The Orders dated 19.09.2022 25.11.2022 clearly show that all the pleadings have been completed and the Appellant/ Corporate Debtor has delayed the matter seeking several adjournments. The Hon ble Supreme Court in a catena of Judgments, has time and again laid down that the IBC is a time bound process, and any such delays, is deprecated. No wonder, Speed is the essence of the Code. There is absolutely no error whatsoever in the impugned order, dated 05.12.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in treating the matter as part heard and clubbing it with the other matters. It is submitted that the Adjudicating Authority issued notice in Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as to The Code ) Application and directed completion of pleadings with the order dated 12.02.2021 and during pendency of the proceedings, in one of the matters under Section 9 of the Code filed against the Appellant, the same Bench with the order dated 27.08.2021 admitted the Application seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Appellant. Subsequently, with the order dated 14.09.2021 a Stay was granted on the implementation of the order dated 27.08.2021. Subsequently, the Adjudi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d directions from the Adjudicating Authority, the Corporate Debtor had failed to file their Reply within the specified time. In the hearing dated 17.12.2020, the Adjudicating Authority called upon the Corporate Debtor to file the Reply by the next date i.e., 18.12.2020, but the Corporate Debtor failed to do so and the Adjudicating Authority had even imposed a cost of Rs. 50,000/- which was paid by the Corporate Debtor to the Respondent. Subsequently, on 26.12.2020 since the Corporate Debtor failed to file their Reply , the Adjudicating Authority granted one final opportunity to file Reply by 18.01.2021, pursuant to which, the right of the Corporate Debtor to file Reply would be forfeited. Thereafter, the matter was listed on 17.08. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6, the Company Petition along with other Company Petitions namely; CP(IB) 310/7/HDB/2020, Company Petition (IB)/278/2021 and Company Petition IB / 48/2022 were heard in part which can been seen in the order dated 25.11.2022 and have been listed before the said bench on 04.01.2023. Assessment : 5. The main issue which arises in this Appeal is whether the pleadings were complete and whether this matter could be treated as a part heard matter and clubbed with the other connecting matters listed on 05.12.2022. 6. It is seen from the record that the Section 7 Application was listed for the first time on 15.10.2020 and the Counsel for the Corporate Debtor has been appearing since 29.10.2020 and the matter was adjourned to 17.12.2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sions of the Corporate Debtor. At this stage, Learned Senior Counsel prayed adjournment till 05.12.2022 saying that in the meanwhile he would be filing written submission on behalf of the Corporate Debtor in all the connected matters and would make a brief submission which he undertakes to complete by 05.12.2022. Matter is adjourned to 05.12.2022. Since the adjournment is granted at the behest of the Learned Senior Counsel, we make it clear that there will not be any further adjournment to the Corporate Debtor on 05.12.2022 as this matter is adjourned on several occasions at the behest of the Corporate Debtor. For hearing, list this matter on 05.12.2022. (Emphasis Supplied) 8. In the aforenoted Order, it is clearly noted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esitatingly, this `Tribunal , holds without any simmering doubt, that the `pleadings are indeed complete , and there is absolutely no error whatsoever in the `impugned order , dated 05.12.2022, passed by the `Adjudicating Authority . Accordingly, this Appeal is devoid of merits and the same is dismissed, to secure `ends of Justice . There shall no order as to costs. 10. The `Adjudicating Authority (`National Company Law Tribunal , Bench II, Hyderabad), shall proceed further, in the subject matter in issue, in accordance with `Law , and decide these cases, as expeditiously as possible, in any event, within a period five weeks, from the date of passing of this `Judgment , ofcourse, uninfluenced with any of the observations made by this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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