2020 (6) TMI 595 - AT - Insolvency and Bankruptcy

Maintainability of application - pre-admission stage - HELD THAT - Though the statutory prescribed period of 14 days for passing of an order by Adjudicating Authority with regard to admission or otherwise of an application under section 7 of the Code has not been held to be mandatory but having regard to the timelines prescribed by I B Code there can be no dispute with the proposition that such order is required to be passed with utmost expedition. The appeal is disposed off with direction that the learned Adjudicating Authority shall accord priority to this matter and make all endeavours to pass the order at the admission stage within 15 days.

Summary

The Appellate Tribunal directed the Adjudicating Authority to prioritize and decide on a Section 7 application under the I&B Code within 15 days, emphasizing the need for timely decisions in such cases.