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NCLT Depreciates Filing Of Bulky Applications By Resolution Professional & Liquidator

Akshay Sharma

19 Oct 2022 3:00 PM GMT

    • NCLT Depreciates Filing Of Bulky Applications By Resolution Professional & Liquidator

    Recently, the National Company Law Tribunal, Principal Bench comprising of Justice Ramalingam Sudhakar and Mr. Avinash Srivastava expressed it displeasure upon the practise of Resolution Professional/ Liquidators for filing bulky applications even for trivial matters such as extension of liquidation period. The bench was adjudicating an application for extension of time moved by...

    Recently, the National Company Law Tribunal, Principal Bench comprising of Justice Ramalingam Sudhakar and Mr. Avinash Srivastava expressed it displeasure upon the practise of Resolution Professional/ Liquidators for filing bulky applications even for trivial matters such as extension of liquidation period.

    The bench was adjudicating an application for extension of time moved by the liquidator of M/s Tirupati Inks Ltd. & Ors and was shocked to discover that the application ran into 122 pages. Looking at the lengthy pleading, the bench observed that the number of paragraphs in the application can be reduced by making concise statement and the pages should not be wasted unnecessarily.

    Though the NCLT allowed the application base on its merits but directed the counsel for liquidator to make brief submission instead of filing a 122 pages application however it had directed to forward the copy of the order to Insolvency and Bankruptcy Board of India (IBBI) to ensure that the paper should not be wasted by Resolution Professional and liquidator in trivial matters.

    Case Title: ICICI Bank v. M/s Tripati Inks Ltd.

    Counsel for Liquidator: Mr. Abhishek Anand & Mr. Mohak Sharma.

    Click Here To Read/Download Order

    Tags
    NCLTResolution ProfessionalLiquidatorInsolvency and Bankruptcy Board of India (IBBI)
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