This tribunal disposed of applications seeking condonation of delay and extension of time for liquidation. IA 1399 was allowed. IA 1010 was partly allowed, extending the liquidation deadline to 30.09.2022 instead of the prayed date.
IA 1399 allowed; IA 1010 partly allowed, permitting liquidation completion by 30.09.2022.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
NATIONAL COMPANY LAW TRIBUNAL COURT-I, MUMBAI BENCH
Item 1
IA 1010/2022 IA 1399/2022 in C.P. (IB) 1523/MB/2019
CORAM:
SH. K. K. VOHRA JUSTICE P.N. DESHMUKH (Retd.) HON’BLE MEMBER (T) HON’BLE MEMBER (J)
HON’BLE MEMBER (J)
ORDER SHEET OF THE HEARING ON 03.06.2022
NAME OF THE PARTIES : -
Standard Chartered Bank Limited. V/s
K K Welding Ltd
Appearance (via video-conference):
For the Applicant (Liquidator) : Mr. Ayush Rajani, PCA
Sections 60(5) & 7 of the IBC, 2016
ORDER
IA 1399/2022
This is an Application filed for condoning the delay in filing the Application bearing IA No. 1010 of 2022 for exclusion of certain number of days for completion of Liquidation process which expired on 07.01.2022. The reasons given are prevalence of Pandemic, etc. as explained in para 8 of the Application. In view of the above, the delay of 102 days in filing the Application for exclusion is condoned in the interest of justice. Accordingly, IA 1399 of 2022 is disposed of as allowed in above terms.
IA 1010/2022
The Applicant has prayed for exclusion of 417 days from the time allowed for completion of Liquidation process which expired on 07.01.2022. By adding 417 days from the last date of completion of Liquidation Process, the new date works out to be 28.02.2023. While discussing the remaining work to be
done, we are informed that one IA 767 of 2022 is pending for adjudication and the next date given in that Application is 27.06.2022.
In order to expedite the Liquidation Process, we allow the Liquidation Process to be completed by 30.09.2022.
Accordingly, IA 1010 of 2022 stands disposed of as partly allowed thereby allowing the Applicant to complete the liquidation by
30.09.2022 instead of granting exclusion of 417 days as prayed.
Sd/-
Sd/-
K. K. VOHRA JUSTICE P.N. DESHMUKH Member (Technical) Member (Judicial)
Vedant
2 issues framed by the court
Whether to condone the delay in filing an application for exclusion of days for completion of the liquidation process under IBC, 2016.
What extent of time extension to be granted for completion of liquidation.
2 provisions across 1 enactments
Standard Chartered Bank Limited
K K Welding Ltd
K.K. VOHRA
P.N. DESHMUKH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
