National Company Law Appellate Tribunal
State Bank of India vs T Venkateswarulu & Ors on 16 December 2020
NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
Company Appeal (AT) (Insolvency) No. 1073 of 2020
In the matter of:
State Bank of India
....Appellant
Vs.
T. Venkateswarulu & Ors.
....Respondents
Present:
Appellant:
Mr. Rajiv S. Roy, Mr. Avrojyoti Chatterjee, Advocates.
Respondents:
Ms. Shalini, Advocate for R2 & 3
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ORDER
(Through Virtual Mode)
16.12.2020: After hearing Mr. Avrojyoti Chatterjee, Advocate for the Appellant and Ms. Shalini, Advocate appearing for Respondent Nos.2 and 3, we find that the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Special Bench, had reserved the order after hearing submissions of both sides. It happened on 6th October, 2020. However, on 16th October, 2020, the matter was re-opened by the Adjudicating Authority by exercising suo moto powers for seeking clarification. While seeking clarification, at same time, liquidator was directed not to proceed with the sale or liquidate the assets of the Corporate Debtor. The matter was posted for 4th November, 2020 for hearing further submissions. Thus, disposal of the matter got delayed and the proceedings suffered protraction. Passing of the interim direction in suo moto jurisdiction can be interpreted only as being a fall out of delaying of the disposal of the case.
Contd/-……….
-2-
In the given circumstances, we are of the opinion that the appeal can be disposed off with a direction to the Adjudicating Authority to take up the matter on 24th December, 2020, the date of hearing as stated at the Bar, and seeks clarification as reflected in the order dated 16th October, 2020 closing further submissions of counsel on that date itself and that the Adjudicating Authority shall make all endeavors to dispose off the matter within 10 days thereof.
A copy of this order be communicated to Adjudicating Authority forthwith.
[Justice Bansi Lal Bhat] Acting Chairperson
[Justice Anant Bijay Singh] Member (Judicial)
[V.P. Singh] Member (Technical)
AR/g
Company Appeal (AT) (Insolvency) No. 1073 of 2020