2020 (10) TMI 4 - NATIONAL COMPANY LAW TRIBUNAL , BENGALURU BENCH - Insolvency & Bankruptcy

Head Note / Extract:
Maintainability of appeal - Writ Appeal is pending before the Hon'ble High Court of Karnataka - HELD THAT:- As per the ratio decided in M/S. INNOVENTIVE INDUSTRIES LTD. VERSUS ICICI BANK & ANR. [2017 (9) TMI 58 - SUPREME COURT], the Adjudicating Authority has to ascertain the existence of the default within a period of 14 days on the date of the receipt of the application and if the Adjudicating Authority is satisfied with the requisite contentions as prescribed under the extant provisions of the code, the application/petition must be admitted - In the instance case, the main CP was filed on 18.01.2019, and it was adjourned on several occasions. During the pendency of the main CP, the Respondent has filed I.A No. 229 of 2019 u/s 8 of the Arbitration and Conciliation Act, 1996. Therefore, the Adjudicating Authority could not decide the main CP as per merits. The parties are directed to argue the main CP, subject to the Writ Appeal pending before the Hon'ble High Court of Karnataka - Post the case on 12.02.2020. No further adjournments will be given in the matter.