9911796707
TMI Blog2024 (1) TMI 531X X X X Extracts X X X X X X X X Extracts X X X X ..... Ms. Palak Nenwani, Adv. Mr. Hafeez Patanwala, Adv. Ms. Riya Hotchandani, Adv. For M/S. Juris Corp., AOR ORDER 1. The appeal under Section 62 of the Insolvency and Bankruptcy Code 2016 ["IBC"] arises from an order dated 6 December 2023 of the National Company Law Appellate Tribunal ["NCLAT"]. 2. The application filed by the first respondent under Section 7 of IBC was dismissed by the National Company Law Tribunal ["NCLT"] on 25 March 2022 on the ground that the debt was barred by limitation. However, while dismissing the petition on the ground of limitation, the NCLT also made the following observations on merits in paragraph 29 of its decision: "29. It is clear to the Bench that there is a 'debt' in terms of section 3(11) and there is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated 25 October 2023, declined to adjourn the proceedings on the ground of the pendency of the review petition and also recorded the request of the counsel for the appellant who sought time to file a further affidavit. No specific leave for filing an affidavit was granted by the NCLT. Aggrieved by the order of the NCLT dated 25 October 2023, the respondents filed an appeal before the NCLAT, which has been disposed of by the impugned order dated 6 December 2023. The NCLAT has directed the NCLT to admit the application under Section 7. That is how the appeal arises before this Court. 7. We have heard Dr Abhishek Manu Singhvi and Mr Dhruv Mehta, senior counsel appearing on behalf of the appellant and Mr Krishnendu Datta, senior counsel appear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et aside the impugned judgment and order of the NCLAT dated 6 December 2023. The application under Section 7 has already been restored to the file of the NCLT. The NCLT shall, after hearing the parties, determine as to whether the application under Section 7 is liable to be admitted. All the rights and contentions of the parties in that regard are kept open. 10. Having regard to the pendency of the proceedings before various fora, we direct that the application under Section 7 be disposed of expeditiously and, in any event, by 31 January 2024. 11. We clarify that this Court has not expressed any opinion on the merits of the rival contentions which will fall for determination in the course of the hearing of the application under Section 7. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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