National Company Law Appellate Tribunal
Jm Financial Asset Reconstruction ... vs Howrah Mills Company Limited on 4 September, 2025
Author: Ashok Bhushan
Bench: Ashok Bhushan
NATIONAL COMPANY LAW APPELLATE TRIBUNAL
PRINCIPAL BENCH, NEW DELHI
Company Appeal (AT) (Insolvency) No. 1369 of 2025
& I.A. No. 5356 of 2025
IN THE MATTER OF:
JM Financial Asset Reconstruction Company Ltd. ...Appellant
Versus
Howrah Mills Company Ltd. & Anr. ...Respondents
Present:
For Appellant : Mr. Abhijeet Sinha, Sr. Advocate with Mr.
Chitranshul A. Sinha, Ms. Arushi Bansal, Mr.
Shivam Shorewala, Ms. Rakshita Bhargava,
Advocates.
For Respondents : Mr. Sadapurna Mukherjee, Mr. Shaunak Mitra,
Advocates for R-1.
ORDER
(Hybrid Mode) 04.09.2025: Heard learned counsel for the Appellant as well as learned counsel appearing for the Respondent No.1. This appeal has been filed against order dated 16.07.2025 by which the Adjudicating Authority directed "List this matter before the regular Bench on 18.08.2025.".
2. Normally when the Adjudicating Authority adjourn a matter, there is no reason for entertaining appeal challenging such order, learned counsel for the Appellant, however, indicated circumstances and sequence of events in the present case making a peculiar case which needs to be noticed.
3. It is submitted that this Tribunal in an appeal filed against the order rejecting Section 7 application has allowed the appeal by order dated 12.07.2024 and issued following directions in Para 26:
Cont'd.../ "26. In result, we allow the appeal in following manner:-
(i) The order dated 25.01.2024 is set aside.
(ii) The application under Section 7 filed by the appellant deserves to be admitted. Adjudicating Authority may pass an order of admission along with consequential order within 30 days from the date copy of this order is produced before the Adjudicating Authority.
(iii) During the period of 30 days, it shall be open for the Respondent to discharge the debt and enter into any settlement with Appellant, if any."
4. The submission is that against the said order an appeal was filed in the Hon'ble Supreme Court which could after adjournments finally dismissed by the Hon'ble Supreme Court on 10.12.2024. After dismissal of the appeal in the Hon'ble Supreme Court, the order by this Tribunal which directed for passing order by the Adjudicating Authority needs to be considered. It is submitted that there has been thirteen hearing after the said order but no order has been passed on Section 7 application so far.
5. Learned counsel for the Respondent submits that there has been change of Benches due to reconstitution and on 18.08.2025 which was last date, it was the Appellant who prayed for adjournment.
6. Be as it may. We have been informed that matter is now listed on 08.09.2025 before the Adjudicating Authority. The matter being fixed on 08.09.2025, we see no reason to entertain the appeal, however, in facts of the present case, we direct the Adjudicating Authority to consider and pass order Comp. App. (AT) (Ins.) No. 1369 of 2025 2 of 3 in pursuance of the Appellate Order which was passed on 12.07.2024. Appeal is disposed of accordingly.
[Justice Ashok Bhushan] Chairperson [Barun Mitra] Member (Technical) Archana/nn Comp. App. (AT) (Ins.) No. 1369 of 2025 3 of 3