# In the matter of N. Padmanabhan & Anr. Vs. Sri Adinath Enterprises & Anr. CA(AT)(Insolvency) No. 577-2019

> NCLAT judgment dated 2019-09-02. Citation: TCN-2019-NCLAT-00319. The appeal was preferred by the Appellants against the order dated 4th April, 2019 passed by…

- **Court:** NCLAT
- **Order date:** 2 Sept 2019
- **Citation:** TCN-2019-NCLAT-00319
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/n-padmanabhan-anr-vs-sri-adinath-enterprises-anr-ca-7050f68b

## Summary

### Background

The appeal was preferred by the Appellants against the order dated 4th April, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Division Bench, Chennai, which ordered for ‘Liquidation' of ‘M/s. RRP Housing Pvt. Ltd.'. The appellants argued that the Resolution Professional did not show interest and failed to issue ‘Expression of Interest', leading to no ‘resolution plan' being submitted. They filed a Miscellaneous Application seeking exclusion of 162 days from the ‘Corporate Insolvency Resolution Process'.

## Facts

The Adjudicating Authority ordered the liquidation of M/s. RRP Housing Pvt. Ltd. The Resolution Professional allegedly did not take interest or issue an Expression of Interest, resulting in no resolution plan being submitted. The Appellants sought exclusion of 162 days from the Corporate Insolvency Resolution Process. The 270-day resolution period ended on September 26, 2018. The Resolution Professional failed to issue an Information Memorandum. Section 12A of the Insolvency and Bankruptcy Code, 2016, was amended. The case references Y. Shivram Prasad vs. S. Dhanpal & Ors., which discusses the liquidator's responsibilities under Section 230 of the Companies Act even during liquidation. The court also refers to S.C. Sekaran v. Amit Gupta & Ors. regarding the

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority's order for liquidation of M/s. RRP Housing Pvt. Ltd. was …

**Ratio:** The Adjudicating Authority has the power to order liquidation if no resolution plan is

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**Reasoning:** The court noted that the 270-day period had expired, and no resolution plan was submitted

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**Interpretation:** The Adjudicating Authority's decision to order liquidation is based on the

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**Application:** Given the failure to submit a resolution plan within the 270-day period, the

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** N. Padman…
- **Respondents:** M/s. RRP Housing…; M/s. Sri Adinath…

## Timeline

- **2018-09-26 — Completion of 270 days…**: The 270 days period for the Corporate…
- **2019-04-04 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Division Bench, Chennai…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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