TMI Blog2019 (1) TMI 1566X X X X Extracts X X X X X X X X Extracts X X X X ..... o admit the application, except where there is defect, which can be removed within seven days from the date of receipt of the notice from the Adjudicating Authority. The Adjudicating Authority has not pointed out any defect in the sense the record is not complete - the Adjudicating Authority is directed to pass appropriate order under Section 7 of the I B Code on merit after hearing the appeal on the next date without adjourning the matter, failing which this Appellate Tribunal will decide whether the application filed under Section 7 of the I B Code is to be admitted or not. Appeal disposed off. - Company Appeal (AT) (Insolvency) No. 11 of 2019 - - - Dated:- 7-1-2019 - Mr S. J. Mukhopadhaya, Chairperson And Bansi Lal Bhat, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... November, 2017 the matter was heard by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad and order was reserved, but even after eleven months of filing, no order has been passed by the Adjudicating Authority Ahmedabad Bench. 2. Taking into consideration the facts and circumstances, while we do not intend to express any opinion, we direct the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench to pass appropriate order in the petition filed under Section 7 by the Appellant being C.P.(IB)No.191/7/ NCLT/AHM/2017 on an early date, preferable within two weeks. The appeal stands disposed of with aforesaid observations and direction. 3. Let a copy of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the registered office of the corporate debtor. The speed, within which the adjudicating authority is to ascertain the existence of a default from the records of the information utility or on the basis of evidence furnished by the financial creditor, is important. This it must do within 14 days of the receipt of the application. It is at the stage of Section 7(5), where the adjudicating authority is to be satisfied that a default has occurred, that the corporate debtor is entitled to point out that a default has not occurred in the sense that the debt , which may also include a disputed claim, is not due. A debt may not be due if it is not payable in law or in fact. The moment the adjudicating authority is satisfied that a default has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o why the Adjudicating Authority is adjourning the case on the one or other grounds and the matter is pending for admission since 2017. The Insolvency Code provides specific time frame to complete the process and the Adjudicating Authority should take it seriously and cannot adjourn the matter on the one or the other ground, which we have already noticed in the order passed on 3rd October, 2018. In spite of the same, there is no reason explained as to why the matter is adjourned. 5. From the plain reading of the impugned order, we find that the Adjudicating Authority has not pointed out any defect in the sense the record is not complete. For the reasons aforesaid, we direct the Adjudicating Authority to pass appropriate orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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