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TMI Blog2021 (7) TMI 1086X X X X Extracts X X X X X X X X Extracts X X X X ..... ORDER (Virtual Mode) This Appeal has been filed by the Appellant - Corporate Debtor against the impugned order passed by the Adjudicating Authority (National Company Law Tribunal), Cuttack Bench, Cuttack in CP (IB) No. 159/CTB/2019. The impugned order reads as under: "ORDER Ld. Counsels for the petitioner and respondent are present. The matter has been part heard. Ld. Counsel for the respondent shall file profit & loss account and Balance sheet of the company for the year 2011-2012 to till date. Post the matter on 27.03.2020 for further hearing." 2. The Appellant claims that the Application under Section 9 of Insolvency and Bankruptcy Code, 2016 (for short 'IBC') has been filed although there were pre-existing disputes and even a su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m the notices sent to the various authorities including Hon'ble Prime Minister. It is argued that there are documents on record showing that there are disputes pending between the parties since 2016. The Learned Senior Counsel relied on the judgment in the matter of "Assistant Commissioner vs Shukla & Brothers", 2010 4 SCC 785. Referring to the said judgment, the Learned Senior Counsel for the Appellant vehemently submits that the recording of reasons is mandated by the Hon'ble Supreme Court and order which is bereft of reasons should not be maintained. The Learned Senior Counsel has further referred to judgments of Hon'ble High Court of Gujarat to submit that giving reasons for orders in the nature of discovery is also necessary under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anted stay to the hearing before the Adjudicating Authority. The Learned Counsel for the Respondent is submitting that subsequently judgment relied on of this Tribunal has been set aside by the Hon'ble Supreme Court in 'Assets Reconstruction Company (India) Ltd. vs. Bishal Jaiswal & Anr', Civil Appeal No. 323 of 2021, vide judgment dated 15th April, 2021. 6. Sub-sections (1) and (2) of Section 424 of Companies Act, 2013, which is relevant may be reproduced: "(1) The Tribunal and the Appellate Tribunal shall not, while disposing of any proceeding before it or, as the case may be, an appeal before it, be bound by the procedure laid down in the Code of Civil Procedure, 1908 (5 of 1908), but shall be guided by the principles of natural justi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uided by the principles of natural justice and can regulate its own procedure. Even if Order XI Rule 12 of CPC may be prescribing that any party may without filing affidavit apply to the Court for Discovery of Documents, the same does not stop the Adjudicating Authority from regulating own procedure reading sub-section (2) with sub-section (1) if the Adjudicating Authority in the course of arguments finds that it needs to peruse particular documents. In the present matter the Adjudicating Authority was not dealing with any application filed or sought by the Operational Creditor but while hearing the arguments in the matter which was on pre-admission stage and not yet admitted, the Adjudicating Authority found it necessary to go through the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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