9911796707
TMI Blog2023 (2) TMI 1036X X X X Extracts X X X X X X X X Extracts X X X X ..... ion to the Court that the Petitioner in any manner was delaying deliberately or otherwise. On the first date when the time for reply was granted to the Petitioner, the Petitioner had filed the reply before the next date of hearing i.e. on 30th November, 2022. Consequences of any order passed under section 7 of the IBC can be quite far reaching for any company. Accordingly, in the opinion of this Court, the Petitioner deserves an opportunity to defend its position - The Petitioner s reply, which has been filed on 29th November, 2022, shall be placed on record before the NCLT which shall take up the matter for hearing on 15th March, 2023 - The Petitioner shall be given opportunity to make its submissions in respect of the petition under Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder the Insolvency and Bankruptcy Code, 2016 (hereinafter IBC ) against the Petitioner - Pelican Grand Motels Private Limited. Notice was issued for the first time on 17th October, 2022 and the Petitioner was called upon to file a reply. The first Order of the NCLT dated 17th October, 2022 reads as under: This is a petition filed under Section 7 of the Insolvency Bankruptcy Code 2016. It is stated by the petitioner that notice in terms of Rule 4 of Adjudicating Authority, IBC Rules, 2016 has already been issued on the Corporate Debtor. In view of the Judgment passed by the Hon'ble Supreme Court in the case of Swiss Ribbons Pvt. Ltd. Anr. Vs Union of India Ors., reported in (2019) 4 SCC 17 , the Paragraph 58 reads as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... preme Court, as referred to above and exception of principles of natural justice as noticed and summarised in the preceding paragraphs is not applicable to the insolvency resolution process as it is not a case of emergency declared or prejudicial to public interest or that there is a statutory exclusion of rules of natural justice or it is impracticable to hold hearing. It is not the case that no right of any person has been affected, as immediately on appointment of an Interim Resolution Professional, the Board of directors stand superseded. There are other persons who are also affected due to order of moratorium. Therefore, the 'adjudicating authority' is duty bound to give a notice to the corporate debtor before admission of a pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the hard copies be filed by the next date of hearing. 9. On 21st December, 2022, again time is granted to file the rejoinder. Ld. Counsel for the Petitioner is present through video conferencing. The matter was passed over in the morning due to the absence of the counsel for the Punjab National Bank. It was observed by this Bench that one Adv. Dyuti Ghai, Proxy Counsel has been appearing on behalf of the main counsel in the hearings on 02.11.2022 30.11.2022. Based on our insistence, Mr. S.K. Sharma, Counsel for the Punjab National Bank appears before us and states that they have received the reply from the corporate debtor on 29.11.2022 and he seeks time to file the rejoinder. One week's time is granted to file the Rejoi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the part of the CD, as he in not defending the case hence we have no other option except to close the right of filing reply. Arguments heard. Order reserved. As noted in the Order dated 6th January, 2023 passed by the NCLT clearly the reply had been filed by the Petitioner and it continued to remain under scrutiny in terms of the Data Management System (DMS), which is maintained by the NCLT itself. Thus, it is not clear as to why the reply was not on record. Be that as it may, a perusal of the order sheets as extracted above does not give any impression to the Court that the Petitioner in any manner was delaying deliberately or otherwise. On the first date when the time for reply was granted to the Petitioner, the Petitioner had ..... X X X X Extracts X X X X X X X X Extracts X X X X
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