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Judgment
06.01.2026 : Heard counsel for the appellant as well as learned counsel appearing for the respondent No. 1/operational creditor.
This appeal has been filed by the appellant praying for following directions:
“a)Issue appropriate directions to the Hon'ble National Company Law Tribunal, New Delhi to expeditiously hear and finally dispose of IA No. 2301/2023, in a time-bound manner, preferably within a period not exceeding two months from the date of the order of this Hon'ble Tribunal;
b)Pass any other order(s) as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the present case.”
Counsel for the appellant submits that the Corporate Insolvency Resolution Process (CIRP) commenced on the application filed by the operational creditor/R-1 and even after expiry of the 180 days, no resolution plan has come, hence the application for liquidation was filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 (for short the IBC) dated 15.04.2023 being I.A. No. 2301/2023 which is pending consideration for last more than two years. It is submitted that application was heard by the adjudicating authority on 07.07.2025 in I.A. No. 3311/2023 which was filed for dismissal of the IBC proceedings by the member of the Suspended Management. Counsel for the appellant submits that the application for liquidation and other applications have been listed for more than 13 dates, but no order has been passed. The CIRP was admitted in the year 2022 in an application filed in the year 2020 and the proceedings are still pending. The appellant has earlier come to this Tribunal by filing an appeal being Comp. App. (AT) (Ins.) No. 1521/2024 which was disposed of observing that adjudicating authority shall endeavour to dispose of the matter expeditiously. It is submitted that the said order was passed on 23.08.2024 and even after more than 1 year, the proceedings have not yet been disposed of.
Learned counsel for the respondent submits that there are other applications apart from application for liquidation which also need to be heard and decided.
Adjudicating authority has already fixed the matter for 15.01.2026, we are of the view that when the matter having already fixed, we see no reason to entertain this appeal and keep the appeal pending. Adjudicating authority, on the date fixed, may consider the application I.A. 2301/2023 and other applications and dispose of the applications within three months.
From the submissions which are being made by the operational creditor/R-1, we have impression that operational creditor intent to delay the matter.
With these observations, appeal is disposed of.