In the matter of Volkswagen Financ Pvt. Ltd. vs. Zenica Cars India Pvt. Ltd. and another case CA(AT)(Ins)No. 1072 of 2020 CA (AT) (Ins) No.1074 of 2020

After hearing learned counsel for the parties, we find that the application filed by the Appellant under Section 7 of the Insolvency and Bankruptcy Code, 2016 in the year 2018 is still pending consideration before the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench at the pre-admission stage. The mandate of law as embodied in Section 7(4) that the Adjudicating Authority shall pass order in regard to the admission or rejection of application within 14 days of receipt of application has to be followed.

The Adjudicating Authority cannot overlook this mandate of law.

In view of this mandate of law, we dispose off this appeal with request to the Adjudicating Authority to prepone the matter and make all endeavors for disposing it off in regard to admission or otherwise by passing an order preferably within three weeks.

Copy of this order be communicated to Adjudicating Authority forthwith.

[Justice Bansi Lal Bhat]

Acting Chairperson

[Justice Anant Bijay Singh]

Member (Judicial)

[V.P. Singh]

Member (Technical)