As per the decision of the Hon’ble Supreme Court in Innoventive Industries Ltd. Vs. ICICI Bank and Anr., the application under Section 7 of the IBC should have been decided within 14 days – Urban Infrastructure Trustees Ltd. Vs. Ozone Propex Pvt. Ltd. – NCLAT New Delhi
The grievance of the Appellant is that the Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short the ‘I&B Code’) is pending for one year since January 2019. NCLAT held that in the circumstances, while we are not inclined to interfere with the impugned order, direct the Adjudicating Authority to decide the Application under Section 7 of the I&B Code in terms of decision of the Hon’ble Supreme Court in “Innoventive Industries Ltd. Vs. ICICI Bank and Anr. [2017] ibclaw.in 02 SC”. In absence of any stay order passed by the Hon’ble High Court of Karnataka and as per the aforesaid decision of the Hon’ble Supreme Court, the application under Section 7 of the I&B Code should have been decided within 14 days. The Appeal stands disposed of. No costs.