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2017 (3) TMI 1702 - Tri - Companies LawDefault passed u/s. 9 of I & B Code and for restoration of the same - Held that:- Once Company Petition is filed under any of the provisions namely Sections 7 to 10 of the I & B Code, the parties and the Advocates appearing on behalf of the parties must be diligent to appear on the dates given and it is not possible for any Court to inform the parties about the date of hearings. Since Cause-List has been timely uploaded, it is the duty of the parties filing cases to find out as to whether their matters are listed in the cause list or not. This Bench, notwithstanding the cause shown in the Application for Restoration, holds that restoration of a petition dismissed for default is against the letter and spirit of the Code, hence this application is hereby dismissed. The Petitioner is always at liberty to opt for other remedies available in accordance with the law. It is a restoration application filed in a Writ Petition, should I & B Petition dismissed for default be restored when law says I & B petition should be heard and pass orders within 14 days by admitting or dismissing it. I & B petition shall be brought to logical end in 14 days, unless and until it is extended by this Bench for the reasons mentioned therein. Once the proceeding is initiated under any of the three Sections of the Code mentioned above, it has to be completed within 14 days, since the life to the Petition u/s. 7, 9 & 10 remains for 14 days from the date of filing, this Bench cannot bring forth life to the said petition by restoration when its life itself is designed for fourteen days. If fresh life is given to it in the name of restoration after those 14 days, it will be in violation of the lifetime of 14 days given u/s. 7(4), 9(5) & 10(4) of the Code.
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