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2023 (1) TMI 394 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAICompletion of pleadings and filing of Counter - whether the pleadings were complete and whether this matter could be treated as a part heard matter and clubbed with the other connecting matters listed on 05.12.2022? - HELD THAT:- A perusal of all the Daily Orders relevant to this case and filed before us clearly shows that despite several opportunities given to the Appellant, from October, 2020 onwards till August, 2022 and despite imposition of Rs. 50,000/-, the Corporate Debtor failed to file the Reply for two long years and subsequently chose to file a Preliminary Counter. The Code is a Time Bound Proceeding which does not provide for filing a Preliminary Counter and subsequent Final Counter, which is nothing but delaying tactic adopted by the Appellant herein, in support of their submissions that the pleadings are not complete. The Orders dated 19.09.2022 & 25.11.2022 clearly show that all the pleadings have been completed and the Appellant/ Corporate Debtor has delayed the matter seeking several adjournments. The Hon’ble Supreme Court in a catena of Judgments, has time and again laid down that the IBC is a time bound process, and any such delays, is deprecated. No wonder, Speed is the essence of the Code. There is absolutely no error whatsoever in the impugned order, dated 05.12.2022, passed by the Adjudicating Authority. Accordingly, this Appeal is devoid of merits and the same is dismissed, to secure ends of Justice.
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