# In the matter of Praj Industries Limited Vs. Yaashraj Ehtanoll Processing Pvt.  CA (Lodg.) No. 94 in CP No. 94-2015 and 280-2018

> HC judgment dated 2018-07-16. Citation: TCN-2018-HC-00014. The case involves a company application for the recall of an order dated 8th February 2018, which…

- **Court:** HC
- **Order date:** 16 Jul 2018
- **Citation:** TCN-2018-HC-00014
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-chandigarh-bench/praj-industries-limited-vs-yaashraj-ehtanoll-processing-pvt-ca-0177649b

## Summary

### Background

The case involves a company application for the recall of an order dated 8th February 2018, which ordered the winding up of Yashraaj Ethanoll Processing Private Limited. The application was filed by Jitendra Palande, the Resolution Professional appointed by the NCLT, Mumbai, following an application under Section 7 of the IBC, 2016. The Resolution Professional's appointment was ordered on 18th July 2017, with the corporate insolvency resolution process intended to continue until April 2018. A moratorium was in effect during this period, making the 8th February 2018 order invalid.

## Facts

Yashraaj Ethanoll Processing Private Limited was ordered to be wound up on 8th February 2018. Jitendra Palande, the Resolution Professional appointed by the NCLT, Mumbai, filed an application for recall of the winding-up order. The Resolution Professional was appointed on 18th July 2017, and the corporate insolvency resolution process was to continue until April 2018. A moratorium was in effect during this period. The petitioners, who initiated the winding-up order, had already lodged their claims with the Resolution Professional. The Resolution Professional had already advertised in the newspaper about the orders passed by the NCLT. The petitioner has already lodged its claim with the Resolution Professional.

## Issues and analysis

### Issue 1: Whether the order dated 8th February 2018, winding up Yashraaj Ethanoll Processing Private Limited, …

**Ratio:** An order passed during a moratorium period

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**Reasoning:** The court reasoned that the moratorium in place during the corporate insolvency

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**Interpretation:** The Insolvency and Bankruptcy Code (IBC) imposes a moratorium to protect the

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**Application:** Since the winding-up order was passed on 8th February 2018, while the

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## Parties

- **Judges:** K.R.SHR…
- **Respondents:** Yashraaj Ethanol…; Official Liquidato…
- **Advocates:** Navin A…; Vrushali M…; +2 more

## Timeline

- **2017-07-18 — Appointment of…**: Jitendra Palande was appointed as the Resolution Professional by an order dated 18th July…
- **2018-02-08 — Winding-Up…**: An order was passed to wind up Yashraaj…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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