# In the matter of Manibhadra Polycot Vs. Abhishek Corporation Ltd. & Ors CA(AT)(Insolvency) No. 241, 347-2019

> NCLAT judgment dated 2019-05-01. Citation: TCN-2019-NCLAT-00604. The case involves appeals against an order by the Adjudicating Authority (National Company…

- **Court:** NCLAT
- **Order date:** 1 May 2019
- **Citation:** TCN-2019-NCLAT-00604
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/manibhadra-polycot-vs-abhishek-corporation-ltd-ors-ca-6f9c3c4f

## Summary

### Background

The case involves appeals against an order by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which approved the initiation of liquidation of Abhishek Corporation Limited (Corporate Debtor) due to the absence of an approved Resolution Plan. The Resolution Professional had filed an application under Section 33 of the Insolvency and Bankruptcy Code, 2015, seeking liquidation. The Financial Creditor and the Resolution Applicant challenged the order. The Appellate Tribunal initially observed that the Committee of Creditors should reconsider the revised Resolution Plan submitted by Manibhadra Polycot. The tribunal directed the Resolution Professional and the Committee of Creditors to convene an urgent meeting to discuss the revised plan.

## Facts

On 01.05.2019, due to the absence of an approved Resolution Plan, the Resolution Professional of Abhishek Corporation Limited (Corporate Debtor) filed an application under Section 33 of the Insolvency and Bankruptcy Code, 2015, seeking liquidation. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, approved the application on March 11, 2019. The Financial Creditor and the Resolution Applicant challenged this order. The Appellate Tribunal observed on April 11, 2019, that the Committee of Creditors should reconsider the revised Resolution Plan submitted by Manibhadra Polycot. An affidavit accompanying the compliance report of the Resolution Professional indicated that the Revised Resolution Plan was placed before the Committee of Creditors, which

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## Issues and analysis

### Issue 1: Whether a period of 21 days should be excluded from the 270-day resolution period under the …

**Ratio:** The ratio is based on the principle that delays caused by factors outside the control of

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**Reasoning:** The court reasoned that the Appellants had made a case for the exclusion of 21 days due

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**Interpretation:** The interpretation involves understanding the provisions of the Insolvency and

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

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** Manibhadra…
- **Respondents:** Abhishek Corporati…; Abhishek Corporati…

## Timeline

- **2019-05-01 — Order Da…**: In absence of approved Resolution Plan, the Resolution Professional of Abhishek…
- **2019-03-11 — Order by Adjudicating…**: Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, approved the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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