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2021 (2) TMI 887 - Tri - Insolvency and BankruptcyValidity of CIRP order - ex-parte order - Section 60(5) of the Insolvency & Bankruptcy Code, 2016 r.w. Rule 11 of the National Company Law Tribunal Rules, 2016 - HELD THAT:- The Applicant could not produce any material on record to justify its claim for setting aside the Exparte order. Further, it is evident from the conduct of the Applicant that since beginning they remained absent and did not participating at all whish shows that the Applicant was never vigilent. Further, the applicant filed this application on 04.12.2020 after one month of passing of order by the Hon'ble NCLAT on 02.11.2020. The Corporate Insolvency Resolution Process (CIRP) has already been set in motion. During the course of hearing the Learned Counsel for the Applicant argued that the matter should be disposed of after giving an adequate opportunity. We are not in dispute with this proposition of law but the law also says that one should be aware of its responsibilities and must take necessary precaution so that such situation does not arise. Even assuming for a moment that notice of hearing was served on the Applicant, however, no useful purpose would be serve and it will prolonged the litigation, if such Ex-parte order is set aside as there is no case of the Applicant on merits - We are constraint to said this kind of frvioulous litigation as resulted into situation where the main object of the Insolvency & Bankruptcy Code, 2016 being timely disposal of matters preferably under the statutory timelines prescribed under the 'Code' is not achieved. The Applicant has failed to make out any case for setting aside the order of Corporate Insolvency Resolution Process (CIRP) - Application dismissed.
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