# In the matter of Earthin Projects Ltd. Vs. Mr. Anup Kumar Singh RP of Indu Projects Ltd., Company Appeal (AT)(CH)(Insolvency) No. 340 of 2022

> NCLAT judgment dated 2022-11-25. Citation: TCN-2022-NCLAT-00069. The case involves an appeal against an order dated 05.09.2022 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 25 Nov 2022
- **Citation:** TCN-2022-NCLAT-00069
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/earthin-projects-ltd-vs-mr-anup-kumar-singh-rp-of-indu-projects-ltd-company-appe-15f809cc

## Summary

### Background

The case involves an appeal against an order dated 05.09.2022 passed by the Adjudicating Authority/National Company Law Tribunal, Hyderabad Bench-II, which dismissed a petition filed under the Insolvency & Bankruptcy Code, 2016. Earthin Projects Ltd., the Appellant, was the successful resolution applicant. The Corporate Insolvency Resolution Process (CIRP) was initiated against Indu Projects Ltd. based on an application by the Bank of India. The Appellant's resolution plan was approved by the Committee of Creditors (CoC), but the Appellant failed to make payments within the stipulated time due to post-COVID-19 circumstances and other delays. The Adjudicating Authority rejected the Appellant's request for an extension of time, leading to the impugned order.

## Facts

Earthin Projects Limited (Appellant) was the successful resolution applicant for Indu Projects Limited (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated against Indu Projects Limited based on an application by the Bank of India. The Committee of Creditors (CoC) approved the resolution plan submitted by the Appellant, which involved a settlement amount of Rs. 501 crores and an additional working capital infusion of Rs. 40 crores. The effective date of the resolution plan was defined as the date of approval by the Adjudicating Authority, which was 01.10.2021. The Appellant failed to make payments within the stipulated 90-day period, citing post-COVID-19 circumstances and delayed disbursement of funds. The Appellant requested an

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## Issues and analysis

### Issue 1: Whether the ‘Adjudicating Authority' has got the sufficient power to extend the time lines for …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is supreme, and judicial

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**Reasoning:** The Appellate Tribunal noted that the order of the Adjudicating Authority approving the

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**Interpretation:** The effective date is the date of approval of the resolution plan by the

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**Application:** The Appellant's argument that the effective date should be 25.10.2021 was

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## Parties

- **Judges:** Naresh Sa…; M. Venu…
- **Appellants:** Earthin Projects…
- **Respondents:** Indu Projects…; Anup Kumar…

## Timeline

- **2019-02-25 — CIRP Admi…**: Corporate Insolvency Resolution Process…
- **2019-03-05 — Appointment…**: Mr. Gopi Krishna Byadigera appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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