2022 (11) TMI 404

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....omp. App. (AT)(CH)(Ins) No.391/2022, arising out of an 'Order dated 22.03.2022 in IA(IBC) No.260/2022 in CP (IB) No.462/7/HDB/2018, passed by the 'Adjudicating Authority' (National Company Law Tribunal, Hyderabad Bench - II, Hyderabad). 2. At this juncture, for the Respondent No.1, Mr. Nithin Chowdary Pavuluri, the Learned Counsel appears and prays for time to file 'Vakalat' and 'Reply' / 'Response' / 'Counter'. 3. However, this 'Tribunal', considering the 'limited scope' of the instant Comp. App. (AT)(CH)(Ins) No.391/2022, is inclined to dispose of the Comp. App. (AT)(CH)(Ins) No.391/2022, at the stage of 'Admission' itself and not ordering 'Notice' to the Respondent Nos.2 and3. The Learned Counsel for the 1st Respondent is permitted....

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....dated 22.03.2022, on the ground that an earlier Application in IA/701/2019 in CP (IB) No.462/7/HDB/2018, being filed for suitable direction, was 'dismissed' on the ground of 'non-prosecution'. 7. The Learned Counsel for the 'Appellant' / 'Bank' / 'Petitioner' proceeds to point out that in the 'Impugned Order' that the 'Adjudicating Authority' (National Company Law Tribunal, Hyderabad Bench - II, Hyderabad) had not appreciated the important fact that IA(IBC) No.260/2022 in CP (IB) No.462/7/HDB/2018 was preferred by the 'Appellant' / 'Financial Creditor' / 'Bank' and it being the 'custodian' of 'Public Money'. 8. The Learned Counsel for the 'Appellant' / 'Bank' / 'Petitioner' strenuously comes out with a 'Plea' that, inspite of the fact....

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....the 'Appellant' / 'Bank' / 'Petitioner' and denied the further time prayed for and dismissed the IA/701/2019 in CP (IB) No.462/7/HDB/2018 for 'Non-prosecution'. 10. Admittedly, the 'Appellant' / 'Bank' / 'Petitioner' has preferred the instant Comp. App. (AT)(CH)(Ins) No.391/2022 assailing the correctness of disposal of IA(IBC) No.260/2022 in CP (IB) No.462/7/HDB/2018, wherein it was observed that the said 'Interlocutory Application' could not be entertained for the reason that on 'Previous Occasions' the 'Applicant' had not evinced any interest in prosecuting the said 'Application'. This observation of the 'Adjudicating Authority' (National Company Law Tribunal, Hyderabad Bench - II, Hyderabad), in IA(IBC) No.260/2022 in CP (IB) No.462/7....

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....cal' and 'pedantic approach' instead of taking a 'purposeful', 'meaningful' and 'liberal approach'. Accordingly, the 'Impugned Order' dated IA(IBC) No.260/2022 in CP (IB) No.462/7/HDB/2018 dated 22.03.2022 is set aside for the reasons assigned in this 'Appeal', to prevent an 'aberration of justice' and to 'promote' 'substantial cause of Justice'. 14. In fine, the instant Comp. App. (AT) (Ins) No.391/2022 is Allowed. No Costs. The 'Adjudicating Authority' (National Company Law Tribunal, Hyderabad Bench - II, Hyderabad) is directed to restore IA(IBC) No.260/2022 in CP (IB) No.462/7/HDB/2018 to its 'File' within 'One Week', from the date of receipt of a copy of 'this Order'. After restoring the IA(IBC) No.260/2022 in CP (IB) No.462/7/HDB/20....