In the matter of ICICI Bank Ltd Vs. Liberty Group Pte ltd. & anr.[CA(AT)(Insolvency) 133-2019

The grievance of the appellant (Financial Creditor) is that after admission of the application under Section 7 of the I&B Code on 1st August, 2017, the matter is pending on the request of one or other person including the ‘resolution applicant’ and that is the reason the appellant has moved this appeal against the order dated 29th January, 2019 wherein on the request of the one of the ‘resolution applicant’ the matter was again adjourned by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad.

2. Mr. Abhishek Sharma, learned counsel appearing on behalf of the ‘Resolution Professional’ accepts that the application under Section 7 was admitted on 1st August, 2017. He further submits that all the ‘resolution plans’ submitted were rejected by the ‘Committee of Creditors’. In the circumstances, while we are not interfering with the impugned order of adjournment dated 29th January, 2019, direct the Adjudicating Authority ( National Company Law Tribunal), Ahmedabad Bench, Ahmedabad to expedite the matter and pass appropriate order taking into consideration the total time taken for resolution process and pass appropriate order to ensure the finality. Such order be passed by 8th March, 2019.

The appeal stands disposed of with aforesaid observations and directions.

[Justice S.J. Mukhopadhaya]

Chairperson

[ Justice Bansi Lal Bhat ]

Member (Judicial)