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2020 (9) TMI 339 - Tri - Companies LawUrgent hearing and disposal of petition - It is submitted by the applicant that delay in hearing and disposal of the main petition led to significant losses for the creditors and therefore, the petition may be taken up for urgent hearing through videoconference at the earliest - HELD THAT:- The Tribunal should not be swayed by the communication dated 24.04.2020 issued by the Ministry of Corporate Affairs in deciding the IA as this Tribunal is a statutory authority. We agree with the contention. However, the said communication dated 24.04.2020 cannot be seen in isolation. It has to be viewed in view of the fact that huge financial defaults will cause adverse impact on the economy of the country. Further, Government of India has announced unlocking of the lockdown effective from 08.06.2020. Almost all Governmental organizations are functioning, albeit with some restrictions. Even though the pandemic situation does prevail, near normalcy is restored with lot of safeguards and precautions. As such we are not in a position to agree with the contention of the learned counsel for the respondent/Corporate Debtor in this regard. After the restrictions of lockdown getting relaxed, this Tribunal is also hearing matters on regular basis, wherever urgency is felt. The main Company Petition is posted for regular hearing on 01.07.2020 - application disposed off.
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