Adjudicating delay addressed in case emphasizing prompt action under Insolvency and Bankruptcy Code

The Adjudicating Authority's delay in passing an order despite a Supreme Court decision was addressed in the case. The judgment stressed the need for prompt action in line with the Insolvency and Bankruptcy Code. The Appellate Tribunal urged the Adjudicating Authority to issue a final order promptly, warning of potential consequences for non-compliance. The appeal was disposed of without costs, emphasizing the importance of timely resolution in alignment with legal provisions and previous court decisions.

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Issues:
1. Delay in passing order by the Adjudicating Authority despite the decision of the Hon'ble Supreme Court.
2. Adherence to the provisions of the Insolvency and Bankruptcy Code, 2016.

Analysis:
1. The judgment addresses the issue of delay in passing the order by the Adjudicating Authority despite the decision of the Hon'ble Supreme Court in a specific case. It notes that the Committee of Creditors had already passed an order in accordance with the provisions of sub-section (4) of Section 30 of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional had also submitted the matter for the Adjudicating Authority's consideration under Section 31 of the I&B Code. However, the Adjudicating Authority, Ahmedabad Bench, adjourned the matter twice, which raised concerns about the delay in the final decision.

2. The judgment emphasizes the importance of the Adjudicating Authority's prompt action in line with the provisions of the I&B Code. It highlights that despite the matter being likely to be listed for a hearing, no observation was made regarding the delay in disposal due to the upcoming listing date. The Appellate Tribunal expresses hope that the Adjudicating Authority will issue a final order promptly, considering the Supreme Court's decision in a previous case involving similar circumstances. It asserts that if the Adjudicating Authority fails to adhere to the law and delays the decision further, the Appellant has the right to bring this matter to the attention of the Appellate Tribunal for appropriate action.

3. In conclusion, the judgment disposes of the appeal without imposing any costs. It serves as a reminder to the Adjudicating Authority to act promptly and in accordance with the legal provisions of the Insolvency and Bankruptcy Code, 2016, ensuring timely resolution of matters following Supreme Court decisions and Committee of Creditors' orders.

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