Matter Remitted to NCLT for Reconsideration Under IBC Section 12A; Expedited Hearing Scheduled, Pending Applications Closed.

The SC set aside the impugned order from the NCLT Special Bench-I, Chennai, and remitted the matter back to the NCLT. The NCLT was instructed to follow the procedure under Section 12A of the Insolvency and Bankruptcy Code, 2016. Parties were directed to appear for a scheduled hearing, and the NCLT was urged to expedite the decision. Pending applications were also disposed of.

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Issues involved: Setting aside impugned order, remitting matter to NCLT, application disposal, expeditious decision by NCLT.

The Supreme Court, in the case, set aside the impugned order and the judgment/order passed by the National Company Law Tribunal (NCLT) Special Bench-I, Chennai. The matter was remitted to the NCLT to examine and follow the procedure as per Section 12A of the Insolvency and Bankruptcy Code, 2016. The appeal was disposed of with directions for the parties to appear before the NCLT on a specified date for fixing a hearing. The NCLT was requested to decide the matter expeditiously, and pending applications were disposed of as well.

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