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2020 (12) TMI 454 - AT - Insolvency and BankruptcyDe-reserving/ reopening the matter for further hearing - Section 10 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- It is manifestly evident that the procedure adopted by the Adjudicating Authority does not conform to the provisions of law under the ‘I&B Code’. Applications under Sections 7, 9 & 10 are required to be disposed of by admitting or rejecting the same within 14 days of filing. It appears that the Adjudicating Authority has adopted the procedure which runs parallel to the statutory provisions and despite reserving the order, the matter has been practically reopened on the ground of further clarification. The impugned order is couched in ambiguous terms as it does not specify what clarification is to be sought from the Appellant. The matter has been adjourned for 17th December, 2020 overlooking the statutory requirements of passing an order of admission or rejection of application within the prescribed time limit of 14 days. Appeal disposed off.
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