2019 (7) TMI 1552 - Tri - Insolvency and Bankruptcy

Tribunal dismisses CA No.468/2019, adjourns CA No.475/2019 due to respondent's delays. Right to pleadings forfeited.

ICICI Bank Ltd Versus M/s Lakshmi Energy & Foods Ltd.  

The Tribunal dismissed CA No.468/2019 as infructuous without detailed reasoning. CA No.475/2019 was adjourned due to delays caused by the respondent's ... Seeking of adjournment - adjournment sought on the ground that the respondent-corporate debtor has filed SLP before the Hon’ble Supreme Court - no stay granted by any Court for proceedings under the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- It is noticed that number of opportunities were granted on earlier occasions and on the previous date of 26.04.2019, after seeing the conduct and delay in the proceedings, it was made clear that pleadings be completed in the main case well in advance before the next date and the matter was adjourned to 11.07.2019. So far admittedly, no reply or pleading are submitted from the side of the respondent. This Bench, therefore, forfeits the right of the respondent- corporate debtor to file any reply or pleadings. After this forfeiture, right to argue on merits is granted to the respondent. Application disposed off. Issues: Dismissal of CA No.468/2019, Adjourning CA No.475/2019 due to delay in proceedings, Forfeiture of respondent's right to file pleadings, Proceeding with the main case on 12.07.2019.Dismissal of CA No.468/2019: The Tribunal declared CA No.468/2019 as infructuous and dismissed it accordingly, without providing detailed reasoning for the dismissal.Adjourning CA No.475/2019 due to delay in proceedings: The application dated 08.07.2019 sought adjournment citing the respondent's filing of an SLP before the Supreme Court. The petitioner's counsel contested this, stating that no stay had been granted by any court for proceedings under the Insolvency and Bankruptcy Code, 2016. Noting the numerous opportunities granted previously and the delay in proceedings, the Tribunal had emphasized completing pleadings well in advance. As the respondent had not submitted any reply or pleadings, the Tribunal forfeited the respondent's right to file any further pleadings. The respondent was granted the right to argue on merits, and the application, CA No.475/2019, was disposed of.Forfeiture of respondent's right to file pleadings: The Tribunal, due to the respondent's failure to submit any reply or pleadings, decided to forfeit the respondent's right to file any further pleadings in the case. Despite this forfeiture, the respondent was granted the opportunity to argue on merits in the proceedings.Proceeding with the main case on 12.07.2019: The Tribunal scheduled the main case to be heard on merits on 12.07.2019 at 2:30 P.M. following the disposal of CA No.475/2019. This decision indicated the Tribunal's intention to move forward with the case and hear arguments on the merits as scheduled.