P K Saikia, J. - (1.) Mr. R.N. Ghosh & Mr. R. Sarmah, learned Advocates are present on behalf of the applicant. Mr. A. Mitra, learned Sr. Advocate and Mr. A. Gaggar, learned Advocates are present on behalf of the respondent.
(2.) This Tribunal, on 05.09.2017, rendered the following order: "Mr R.N. Ghosh & Mr. R. Sarmah, learned Advocates are present on behalf of the petitioner. MrA.D. Choudhury, MrS. Saraugi & Mr. D. Choudhury, learned Advocates are present on behalf of the respondent. 2. Mr. A.D. Choudhury, learned Advocate for the respondent has prayed for a small accommodation to make submissions on the point of admissibility of the present proceeding. 3. However, such a prayer is opposed by Mr. S. Chamaria, learned Advocate for the petitioner stating that in view of the various time frames incorporated in the Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as Code of 2016) as well as the language used in the said Code, one would find that the Code does not provide any scope, whatsoever, for the respondents to raise any objection at this stage qua admissibility of the proceeding under Section 7 of the Code. 4. The learned Advocate for the petitioner further submits that if this Tribunal, on the perusal of the documents, come to the conclusion that the conditions necessary for initiation of a proceeding under Section 7 of the Code of 2016 stand fulfilled then there will be hardly any scope for this Tribunal to give any opportunity to the respondents herein to raise any objection against the admissibility of the proceeding. 5. On going through the details and on hearing the learned Advocates for the parties, I find it necessary to allow a small accommodation to the respondents for placing their version on the matter regarding the admissibility of the present proceeding. 6. List this matter on 11.09.2017."
(3.) Thereafter, on 11.09.2017, this Tribunal rendered the order which runs as follows: "Mr R.N. Ghosh and Mr. R. Sarmah, learned Advocates are present for the applicant. The respondent is represented by Mr. S. Saraugi & Mr. D. Choudhury, learned Advocates. "2. The learned Advocates representing the respondents have prayed for some accommodation stating that the leading counsel for the respondent could not be present before this Tribunal today for presenting arguments for and on behalf of the respondent qua admissibility of the proceeding in hand "3. Such a prayer is opposed by the learned Advocates for the applicant stating that this Tribunal is required to decide the admissibility or otherwise of this proceeding within a time frame. Further, the scope of resisting this application seeking initiation of corporate insolvency resolution process under Section 7 of the Insolvency & Bankruptcy Code, 2016 (for short, Code of 2016) is very limited more particularly, when the applicant has clearly established that the respondents being corporate debtor owed a definite amount of debt to the applicant/Financial Creditor and there was default in repayment of the same in accordance with the schedule of repayment agreed upon earlier by the parties hereto. More so, the application is complete in all respects and IPR has already been nominated against whom no disciplinary proceeding is pending. "4. On consideration of the submissions advanced by the parties, I find it necessary to accept the prayer seeking adjournment today from the side of the respondent/Corporate Debtor on condition that no further adjournment would be sought for on the next day. "5. List this matter on 15.09.2017 for admission hearing of the proceeding in hand.";