# In the matter of Bangalore Land & Homes Ltd. Vs. Shriram Land Development Pvt. Ltd & anr. IA NO. 581-2021 and COMPANY APPEAL (AT)(CH)(INS) NO.265-2021

> NCLAT judgment dated 2021-12-01. Citation: TCN-2021-NCLAT-00029. The case involves an appeal against an order of the Adjudicating Authority (National Company…

- **Court:** NCLAT
- **Order date:** 1 Dec 2021
- **Citation:** TCN-2021-NCLAT-00029
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/bangalore-land-homes-ltd-vs-shriram-land-development-pvt-ltd-anr-ia-no-581-2021-45559ed4

## Summary

### Background

The case involves an appeal against an order of the Adjudicating Authority (National Company Law Tribunal, Chennai) dated 01.10.2021, which initiated liquidation proceedings against Shriram Land Development P Ltd. The appellant, Bangalore Land & Homes Ltd, challenged this order, arguing that the Adjudicating Authority incorrectly calculated the Corporate Insolvency Resolution Process (CIRP) period. The appellant contended that the exclusion of certain periods, as directed by the Supreme Court, was not properly considered, leading to a premature order of liquidation.

## Facts

Bangalore Land & Homes Ltd. filed an appeal against the order dated 01.10.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Chennai) in IA No.1331/IB/2020 in CP/IBA/863/2019. The impugned order initiated liquidation proceedings against Shriram Land Development P Ltd. The appellant argued that the Adjudicating Authority incorrectly calculated the CIRP period, stating that only 177 days of the 330-day CIRP period had been completed, considering the Supreme Court's order to exclude certain periods due to the pandemic. The CoC had resolved to extend the CIRP period. The appellant contended that the Adjudicating Authority erred by concluding that the 330-day CIRP period had expired, leading to the liquidation order. Milestone had filed a recovery

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in calculating the CIRP period and concluding that the …

**Ratio:** Regulation 40(c) of the CIRP Regulations, coupled with the Supreme Court's order

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**Reasoning:** The Tribunal found that the Adjudicating Authority failed to properly account for the

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**Interpretation:** The CIRP Regulations and the Supreme Court's orders must be interpreted

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**Application:** In this case, the Adjudicating Authority's failure to properly apply Regulation

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## Parties

- **Judges:** M. Venu…; Kanthi Na…; +1 more
- **Appellants:** Bangalore Land &…
- **Respondents:** Shriram Land…; Shriram Land…
- **Advocates:** P.H. Arvindh…; Rohan K G…; +5 more

## Timeline

- **2019-09-20 — CIRP Ord…**: CIRP of the 1st…
- **2020-03-06 — CoC Meet…**: The CoC in its 4th Meeting had passed…

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