# In the matter of Indian Oil Corporation Ltd. 
Vs.
Manjeet Cotton Pvt. Ltd. & Ors. Comp. App. (AT) (Ins.) No. 716 of 2022

> Read the full IBC case summary for In the matter of Indian Oil Corporation Ltd. Vs. Manjeet Cotton Pvt. Ltd. & Ors. Comp. App. (AT) (Ins.) No. 716 of 2022.…

- **Court:** NCLAT
- **Order date:** 5 Jul 2022
- **Citation:** TCN-2022-NCLAT-00685
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/indian-oil-corporation-ltd-vs-manjeet-cotton-pvt-ltd-ors-comp-app-f4568b60

## Summary

### Background

The appeal was filed against an order passed by the Adjudicating Authority (NCLT, Mumbai Bench, Court-III) which allowed an application (I.A 303 of 2022) filed by the Successful Resolution Applicant, Manjeet Cotton Private Limited. The NCLT order extinguished all claims, liquidated damages, and advances up to the date of the Resolution Plan approval and extended the period for project completion.

## Facts

The appeal was filed by Indian Oil Corporation Ltd. against an order dated April 20, 2022, passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-III. The Adjudicating Authority had decided I.A 303 of 2022, an application filed by the Successful Resolution Applicant, Manjeet Cotton Private Limited. The application was allowed, leading to the extinguishment of certain claims and an extension of time for project completion.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority's order, which extinguished all claims up to the date of the…

**Ratio:** The order passed by the Adjudicating Authority, which extinguishes claims, liquidated…

**Reasoning:** The NCLAT considered the appellant's argument that the corporate debtor had a continuing…

**Interpretation:** The NCLAT interpreted the Adjudicating Authority's order as limited in scope,…

**Application:** The NCLAT applied this interpretation by clarifying that if any future…

## Parties

- **Judges:** Ashok Bh…; M. Satyanarayana…; +1 more
- **Advocates:** Tushar…; Amit Me…; +1 more

## Timeline

- **April 20, 2022 — NCLT Ord…**: Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-III passed an…
- **July 5, 2022 — NCLAT He…**: Shri Tushar Mehta, Learned Solicitor General of India, was heard for the Appellant by the…

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