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2021 (11) TMI 1044 - SC - Companies LawMaintenance of status quo with regard to the distribution of funds of the corporate debtor to the financial creditors - Liquidation in process - only aspect relevant in the present case is that the applications pending before the Adjudicating Authority need to be decided without further loss of time - HELD THAT:- The Adjudicating Authority is definitely expected to keep in view the requirement of expeditious proceeding under the Insolvency and Bankruptcy Code, 2016 as also the directions issued by the Appellate Tribunal, even if expressed in soft terms. In the given set of circumstances, the Appellate Tribunal, while reiterating its request to the Adjudicating Authority to decide the pending IAs at the earliest, ought not to have disposed of the appeal. Rather, the Appellate Tribunal could have kept the appeal pending, while awaiting compliance from the Adjudicating Authority and, if necessary compliance was not yet forthcoming, to withdraw the matter from the National Company Law Tribunal, Chandigarh Bench, Chandigarh and either to dispose of itself or transfer it to some other Bench of the Tribunal for necessary steps. Appeal disposed off.
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