Applicants sought condonation of an 87-day delay in filing the statement of affairs in insolvency proceedings. The Court accepted bona fide reasons regarding restricted factory access and condoned the delay, disposing of the application.
Condonation of the delay of 87 days in filing the statement of affairs.
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IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 25TH DAY OF MARCH 2021
BEFORE
THE HON'BLE MR.JUSTICE S. SUNIL DUTT YADAV
COMPANY APPLICATION NO.212/2019 IN
COMPANY PETITION NO.27/2013
BETWEEN:
(BY SRI CHINTAN CHINNAPPA M., ADVOCATE)
AND:
KMMI ISPAT PVT. LTD., (IN LIQUIDATION) REPRESENTED BY THE OFFICIAL LIQUIDATOR, CORPORATE BHAVAN, NO.26-27, 12TH FLOOR, RAHEJA TOWERS, M.G. ROAD, BENGALURU KARNATAKA - 560 001. … RESPONDENT
(BY SMT. KRUTIKA RAGHAVAN, ADVOCATE)
THIS COMPANY APPLICATION IS FILED UNDER RULES 6 AND 9 OF THE COMPANIES (COURT) RULES, 1959 READ WITH SECTION 454 OF THE COMPANIES ACT, 1956, PRAYING TO CONDONE THE DELAY OF 87 DAYS IN FILING THE STATEMENT OF AFFAIRS IN THE INTEREST OF JUSTICE AND EQUITY.
THIS COMPANY APPLICATION COMING ON FOR ORDERS THIS DAY, THE COURT MADE THE FOLLOWING:
ORDER
The applicant has sought for condoning the delay of 87 days in filing the statement of affairs.
that the State Bank of India has taken possession of the factory in November, 2014 and access to the factory premises was restricted and submits that the reasons for the delay is due to bonafide reasons. Accepting the cause shown, delay in submitting the statement of affairs is condoned.
3. Undertaking of the learned counsel for the
applicant that the clarification as may by required by the Official Liquidator as regards to the statement of affairs filed would be made, is taken on record. Learned counsel for the applicant submits that by letter dated 02.12.2019,
necessary clarification has already been made out. The Official Liquidator submits that the same would be looked into.
Accordingly, C.A.212/2019 is disposed off .
Sd/-
JUDGE
VP
1 issue framed by the court
Whether condonation of an 87-day delay in filing the statement of affairs in insolvency proceedings is permitted.
2 provisions across 2 enactments
Sri H. Sajjad Wahab
Smt. Umme Salma Sajjad
KMMI Ispat Pvt. Ltd.
S. Sunil Dutt Yadav
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
