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TaxTMI 
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TaxTMI 
2025 (9) TMI 1412
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....hereby application filed by the Financial Creditor (respondent no. 2 herein) under Section 7 of the Insolvency and Bankruptcy Code ("the Code") for revival of the Company Petition was allowed. On service of advance notice, learned Senior Counsel for the Financial Creditor appeared to oppose the petition. At request of both sides, in the interest of expeditious disposal of the proceedings pending before the NCLT, I heard final arguments on the same day. 2. At the outset, learned counsel for petitioner admitted that the order impugned in the present proceedings is assailable by way of an appeal before the National Company Law Appellate Tribunal under Section 61 of the Code. However, learned counsel for petitioner further submitted that the....
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....as heard at length by the NCLT before passing the impugned order. Learned Senior Counsel also submitted that it is the petitioner who was not diligent and opted not to file reply to the application under Section 7 of the Code despite opportunity. Having not filed a reply to the application despite opportunity, now the petitioner cannot claim violation of principles of natural justice. Further, learned Senior Counsel for respondent no. 2 also contended that the issue as to whether the settlement was not conclusively arrived at can be considered by NCLT even at this stage after revival of the Company Petition, so no prejudice would be caused to the petitioner. Learned Senior Counsel also submitted that the petitioner had filed a petition unde....
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....een the need of the order and the quest for justice; and that the supervisory and judicial review powers vested in the High Court represent critical constitutional safeguards, yet their exercise demands rigorous scrutiny and judicious application. 6. In the present case, the core issue is as to whether the impugned order was passed by the NCLT was in abrogation of jus naturale, going by the claim of the petitioner that it was deprived of opportunity to file formal reply to the application under Section 7 of the Code. It is nobody's case that the impugned order was passed without affording a hearing to the present petitioner. The impugned order is a detailed order taking note of the entire developments of the proceedings. 7. Admittedly....
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....r petitioner, it is high time, the adjudicators shift paradigm, discarding the "heavens would not fall" approach. Deferment, unless unavoidable of each day matters. The admitted position being that the notice of the application under Section 7 of the Code was duly served on the present petitioner on 01.08.2025 and the impugned order after detailed arguments was passed on 20.08.2025, one also has to analyse the history of and the time already spent in the litigation. Where the court comes to a conclusion that the defaulting party is deliberately protracting the proceedings in one or the other manner with the intention to frustrate the other party into abandoning the lis, "heavens would certainly fall". The learned NCLT in the impugned order ....
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....pondent in the proceedings initiated under Section 7 of the IBC, 2016, this Tribunal cannot overstretch its discretionary power to facilitate or muster settlement between the parties. The settlement is clearly a subject between the parties, and this Tribunal can simply take note of it. In the totality of the facts and circumstances, we allow the application i.e. IA-3612/ND/2025 and restore the CP(IB)-468(PB)2024 to its original position." 12. I also find substance in the submission of learned Senior Counsel for respondent no. 2 that having failed to get stay on the revival proceedings as prayed in prayer clause (d) of the petition under Section 9 of Arbitration and Conciliation Act, the petitioner instead of challenging the presently imp....