National Company Law Appellate Tribunal
Edelweiss Asset Reconstruction Company Ltd vs Nishiland Park Ltd on 31 July 2020
NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI
Company Appeal (AT) (Insolvency) No. 651 of 2020
In the matter of:
Edelweiss Asset Reconstruction Company Ltd.
....Appellant
Vs.
Nishiland Park Ltd.
....Respondent
Present:
Appellant:
Mr. Arun Kathpalia, Senior Advocate with Mr. R.P.
Agarwal, Advocate.
Respondent:
Mr. Alok D. Sharma, Advocate.
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ORDER
(Through Virtual Mode)
31.07.2020: After hearing Mr. Arun Kathpalia, learned Senior Counsel for the Appellant and Mr. Alok D. Sharma, learned counsel for the Respondent, we find that the order in C.P. (IB)- 897/(MB)/2019, which is a matter under Section 7 of the Insolvency and Bankruptcy Code, 2016, has been reserved by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai on 22nd January, 2020. It is understandable that on account of imposition of Lockdown due to breakdown of COVID-19 declared as Pandemic, the work of the Tribunal was suspended and regular work has not been resumed even now. Only urgent matters are being heard through Virtual Mode. However, in disposal of the heard and reserved matters, there would be no impediment after unlocking. Contd/-……………
-2- In these circumstances, we dispose off this appeal with the direction that the matter be disposed off by the Adjudicating Authority within one week. In case, the Bench is not available on account of transfer of both or one of the Hon’ble Members who heard and reserved this matter on 22nd January, 2020, a new Bench be re-constituted to hear the matter at the earliest preferably within one week and to dispose off the matter within two weeks from re-constitution of the Bench.
Registry of the NCLT will lay a compliance report before this Appellate Tribunal.
[Justice Bansi Lal Bhat] Acting Chairperson
[Justice Anant Bijay Singh] Member (Judicial)
[V.P. Singh] Member (Technical) AR/g
Company Appeal (AT) (Insolvency) No. 651 of 2020