The statutory prescribed period of 14 days for passing of an order by AA u/s 7 of the Code has not been held to be mandatory- Techno Electric & Engineering Co. Ltd. Vs. McLeod Russel India Ltd. – NCLAT
March 7, 2020
NCLAT in line with decision of Hon'ble Supreme Court IN RE Surendra Trading Company held that though the statutory prescribed period of 14 days for passing of an order by Adjudicating Authority with regard to admission or otherwise of an application under Section 7 of the Code has not been held to be “mandatory” but having regard to the timelines prescribed by Code, there can be no dispute with the proposition that such order is required to be passed with utmost expedition. In view of the same, we dispose of the appeal with direction that the learned Adjudicating Authority shall accord priority to this matter and make all endeavours to pass the order at the admission stage within 15 days.