THE NATIONAL COMPANY LAW TRIBUNAL

CHANDIGARH BENCH, CHANDIGARH

(through web-based video conferencing platform)

CP (IB) No.249/Chd/Hry/2019

Under Section 7 of the Insolvency

and Bankruptcy Code, 2016.

In the matter of:

IFCI Limited. ….Petitioner-Financial Creditor.

Versus

Arcotech Limited. ….Respondent-Corporate Debtor.

Present through video conferencing:

Mr. Rahul Garg, Advocate for the petitioner.

Ms. Surbhi Anand, Advocate for the respondent.

Mr. Rahul Garg, learned counsel appearing for the

petitioner submits that no settlement proposal is pending as on today and

the CP is to be decided on the basis of merits at the earliest as the matter

pertains to the year 2019.

2. On 17.12.2019, the following order was passed:

“ The following order was passed on the last date of

hearing:-
“In spite of availing substantial time, the learned counsel
appearing for the respondent-corporate debtor seeks further
time to file reply. List on 17.12.2019 for filing reply by the
respondent-corporate debtor as a last chance, failing which he
is liable to pay cost of ₹10,000/- to “The Company Law Tribunal
Bar Association”, Chandigarh.”
2. The learned counsel appearing for the respondent-
corporate debtor submits that he is depositing the cost during
the course of the day. He further submits that since the
settlement talks going on, he seeks further time to report
settlement or to file reply may be granted. In the circumstances,
three weeks more time is granted for the respondent to file reply
with copy in advance to the counsel opposite, failing which he is
liable to pay cost of ₹25,000/- to the “Prime Minister’s National
Relief Fund”. Rejoinder thereto, if any, be filed at least a week
before the date fixed with copy in advance to the counsel
opposite. List the matter on 07.02.2020.”

CP (IB) No.249/Chd/Hry/2019
3. Inspite of the same, the respondent-corporate debtor has

not chosen to file the reply nor paid the cost.

4. Today, Ms. Surbhi Anand, learned counsel has appeared

on behalf of the respondent-corporate debtor and submits that they are

engaged now by their client and accordingly seeks short time to file the

reply. In the circumstances, the respondent-corporate debtor is given the

last and final chance for filing reply/objections, if any, within two weeks from

today with a copy in advance to the counsel opposite subject to payment of

total cost of Rs.30,000/- to the “Prime Minister’s National Relief Fund”,

failing which their right to file the reply shall stand forfeited and the CP will

be decided on the basis of the record available. The petitioner may file

rejoinder to the reply within one week thereafter with a copy in advance to

the counsel opposite.

5. List the matter on 23.04.2021 under the priority category.

Sd/-
(Raghu Nayyar) (Ajay Kumar Vatsavayi)
Member (Technical) (Member (Judicial)

March 17, 2021.

AK

CP (IB) No.249/Chd/Hry/2019