No final hearing at pre-admission stage; NCLT statutorily bound to pass order in insolvency plea within 14 days of filing: NCLAT

The issue raised before the NCLAT was with respect to the postponement of order on admission on the application filed by Appellant under Section 7 IBC.

The Adjudicating Authority/National Company Law Tribunal (NCLT) is statutorily bound to pass an order of admission or rejection in an insolvency plea within 14 days of its filing, the National Company Law Appellate Tribunal (NCLAT) has ruled, stating that no final hearing was postulated at pre-admission stage (The South Indian Bank Ltd. vs Gold View Vyapaar Pvt. Ltd).

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