2020 (10) TMI 4

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....& Partners For the Respondents : Priyanka M.P., Advocate ORDER 1. Heard Mr. ArunKumar learned for Petitioner and Shri S.S Naganand Learned Senior Counsel for the Respondent. 2. Shri. Arun Kumar, while relying on the said order passed by Hon'ble NCLAT, has reported to ready to argue the main Petition filed U/s 7 of Code', and insisted to decide the matter as per merits. 3. Shri Nagaana....

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....ffect of the Interim Order of 11.11.2019 is "very limited", and the effect of that the order of remand passed by the learned single Judge directing the disposal of the application under Section 8 of the Arbitration and Conciliation Act, 1996 will remain stayed. Obviously there is no order passed by the Court which prevents the said Tribunal from proceeding with pending matter in accordance with la....

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....f Karnataka and as per the aforesaid decision of the Hon'ble Supreme Court, the application under Section 7 of I & B Code should have been decided within 14 days. The Appeal stands disposed of. No costs". 7. The Hon'ble Supreme Court in "Innoventive Industries Limited v/s. CICI Bank and Anr (2018) 1 SCC 407" has interalia observed that the speed within which the Adjudicating Authority is ....

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....e application/petition must be admitted. In the instance case, the main CP was filed on 18.01.2019, and it was adjourned on several occasions. During the pendency of the main CP, the Respondent has filed I.A No. 229 of 2019 u/s 8 of the Arbitration and Conciliation Act, 1996 as detailed supra. Therefore, the Adjudicating Authority could not decide the main CP as per merits. In the light, of clarif....