# In the matter of Ramkrishna Forgings Limited Vs. Ravindra Loonkar Company Appeal (AT) (Insolvency) No. 596 of 2021

> NCLAT judgment dated 2021-08-17. Citation: TCN-2021-NCLAT-00127. Ramkrishna Forgings Limited filed an appeal against the order of the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 17 Aug 2021
- **Citation:** TCN-2021-NCLAT-00127
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ramkrishna-forgings-limited-vs-ravindra-loonkar-company-appeal-5c6e8bf9

## Summary

### Background

Ramkrishna Forgings Limited filed an appeal against the order of the Adjudicating Authority (National Company Law Tribunal, Principal Bench, New Delhi) regarding the pending Application I.A. No. 1636 of 2019 in CP (IB) No. 170/PB/2018. The Resolution Plan for ACIL Ltd., the Corporate Debtor, was approved on August 14, 2019, but the Adjudicating Authority has not yet made a decision. The Adjudicating Authority directed the Resolution Professional to serve notice to the Income Tax Department regarding Section 79 of the Income Tax Act. Despite being served, the Income Tax Department did not respond or appear before the Adjudicating Authority. The matter was partly heard on January 6, 2020, and subsequently adjourned multiple times, exacerbated by the Covid-19 pandemic.

## Facts

Ramkrishna Forgings Limited filed an appeal against the Adjudicating Authority's handling of Application I.A. No. 1636 of 2019, related to CP (IB) No. 170/PB/2018. ACIL Ltd. is the Corporate Debtor. The Resolution Plan was approved on August 14, 2019, but the Adjudicating Authority has not made a decision. The Adjudicating Authority directed the Resolution Professional to notify the Income Tax Department under Section 79 of the Income Tax Act. The Income Tax Department did not respond. The matter was partly heard on January 6, 2020, and subsequently adjourned multiple times, partly due to the Covid-19 pandemic. The appellant seeks expedited decision-making. The delay in the decision-making process is the key fact, as it impacts the implementation of the approved

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## Issues and analysis

### Issue 1: Whether the NCLAT should direct the Adjudicating Authority to expedite the decision-making process …

**Ratio:** The NCLAT has the power to oversee the functioning of the Adjudicating Authority and

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**Reasoning:** The NCLAT recognized the difficulties faced by the parties due to the prolonged delay in

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**Interpretation:** The NCLAT's interpretation emphasizes the importance of timely resolution of

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**Application:** The NCLAT applied the principle of judicial efficiency and directed the

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## Parties

- **Judges:** A.I.S. C…; V. P. S…
- **Appellants:** RAMKRISHNA…
- **Respondents:** ACIL…; RAVINDRA L…

## Timeline

- **2019-08-14 — Resolution Plan…**: The Resolution Plan for ACIL Ltd. was…
- **2019-08-16 — Application…**: Application I.A. No. 1636 of 2019 was…

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