Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2017 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (11) TMI 1729 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHICorporate insolvency procedure - defects have not been removed within 7 days which is mandatory - Held that:- As relying on case of M/s Surendra Trading Company Vs M/s Juggilal Kamlapat Jute Mills Company Ltd [2017 (9) TMI 1566 - SUPREME COURT OF INDIA] wherein held that subsection (5) of Section 7 or proviso to sub-section (5) of Section 9 or proviso to sub-section (4) of Section 10 relating to removing of defects within 7 days is not mandatory. Thus we have no other option but to set aside the impugned order dated 19th July, 2017. It is accordingly set aside. The case is remitted back to the Adjudicating Authority, who after notice to the parties will consider the case. If there is any defect, the appellant be allowed time to remove the defects. The appeal is allowed with the aforesaid observations.
|