Case Note & Summary
The appeal was filed by the Resolution Professional of Zillion Infraprojects Pvt. Ltd. against an order dated 09.09.2026 from the National Company Law Tribunal, New Delhi, which dismissed an application seeking preponement of the hearing for the approval of a Resolution Plan. The appellant contended that the application for plan approval had been pending for a significant time and had not been heard on three occasions, with the next hearing scheduled for 13.10.2026. The Tribunal noted the workload on the Adjudicating Authority but highlighted the statutory requirement under Section 31(2)(A) of the Insolvency and Bankruptcy Code, 2016, mandating that such applications be disposed of within 30 days of receipt. The Tribunal requested the Adjudicating Authority to expedite the hearing of the application, either on the next scheduled date or within 30 days of the order's certified copy being presented. The appeal was disposed of with directions to ensure timely resolution of the pending application.
Headnote
A) Insolvency Law - Approval of Resolution Plan - Timely Disposal - Insolvency and Bankruptcy Code, 2016, Section 31(2)(A) - The Tribunal directed the Adjudicating Authority to dispose of the application for approval of the Resolution Plan within 30 days from receipt, emphasizing the statutory mandate for timely resolution in insolvency matters. Held that the application should be addressed promptly to ensure compliance with the statutory timeline (Paras 2-4).
Issue of Consideration
Whether the Adjudicating Authority should expedite the hearing of the application for approval of the Resolution Plan.
Final Decision
The Tribunal disposed of the appeal with a request to the Adjudicating Authority to dispose of the application for approval of the Resolution Plan either on the next date it is listed or within 30 days from the production of the certified copy of the order.
Law Points
- Insolvency proceedings
- Resolution Plan approval
- Timely disposal of applications
