JAGDISH TIMBER MART Vs. SAFELEX INTERNATIONAL LTD

JUDGEMENT

(1.) On 28.03.2017, the Tribunal had granted time to the petitioner to file compliance affidavit in terms of the Rules known as 'Companies (Transfer of Pending proceedings) Rules, 2016 and the needful was required to be done within two weeks. According to the Pending Proceedings Rules, the petitioner was to disclose every information for the purposes of admission of this petition under the provisions of Insolvency & Bankruptcy Code, 2016 and the various Rules framed thereunder.

(2.) The matter was posted for hearing on 18.04.2017 and it was again listed on 23.05.2017. The matter was dismissed for non-prosecution on 23.05.2017. The order dismissing the petition for non-prosecution was recalled on 31.05.2017 and the petition was restored to its original number.

(3.) When the matter came up for hearing on 27.06.2017, one last opportunity was granted to the petitioner to address arguments on 28.06.2017 with a stipulation that no further adjournment was to be given. According to Rule 5 of the Pending Proceedings Rules, initially period of filing compliance affidavit was 60 days and vide order dated 23.05.2017, time was granted to the petitioner.