# In the matter of Kshitiz Gupta (Liquidator in the matter of Abhishek Corporation Ltd.) Vs. Asset Reconstruction Company (India) Limited and Ors. CA(AT)(Ins)No. 1386 of 2019 with IA No. 3935 of 2019

> NCLAT judgment dated 2019-12-02. Citation: TCN-2019-NCLAT-00067. This is a Company Appeal (AT) (Insolvency) No. 1386 of 2019 with Interlocutory Application…

- **Court:** NCLAT
- **Order date:** 2 Dec 2019
- **Citation:** TCN-2019-NCLAT-00067
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/kshitiz-gupta-liquidator-in-the-matter-of-abhishek-corporation-ltd-vs-asset-reco-d92b2dce

## Summary

### Background

This is a Company Appeal (AT) (Insolvency) No. 1386 of 2019 with Interlocutory Application No.3935 of 2019. The appeal was filed by the Liquidator against the order dated 14th October, 2019 passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench, Mumbai. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking exclusion of a time period of 129 days. The Adjudicating Authority accepted the exclusion but only excluded 100 days from 1st May, 2019 to 9th August, 2019, which was the date of pendency of proceedings before the National Company Law Tribunal and the Hon'ble Supreme Court.

## Facts

The Liquidator, Kshitiz Gupta, filed an appeal against the Adjudicating Authority's order dated October 14, 2019. The Adjudicating Authority (NCLT Mumbai) had partially accepted an application under Section 60(5) of the Insolvency and Bankruptcy Code (I&B Code) seeking exclusion of a time period of 129 days. The Adjudicating Authority excluded only 100 days, from May 1, 2019, to August 9, 2019, representing the pendency of proceedings before the NCLT and the Supreme Court. The appellant argued that an additional 29 days should be excluded. The appellant was appointed as Liquidator later on. The appellant was directed to sell the assets within 180 days. The case references Y. Shivram Prasad vs. S. Dhanapal & Ors., S.C. Sekaran v. Amit Gupta & Ors., Swiss

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in excluding only 100 days instead of the requested 129 …

**Ratio:** The ratio is based on the interpretation of Section 60(5) of the Insolvency and

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**Reasoning:** The court reasoned that the Adjudicating Authority has the power to determine the

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**Interpretation:** The interpretation involves understanding the scope and applicability of

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**Application:** The ratio and reasoning are applied to the specific facts of the case,

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…; +1 more
- **Appellants:** Kshitiz…
- **Respondents:** Abhishek Corporati…; Asset Reconstructi…

## Timeline

- **2019-10-14 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal) Mumbai Bench, Mumbai, passed…
- **2019-05-01 — Start of Exclusion…**: The Adjudicating Authority…

## 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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