# In the matter of Sanjay Kumar Ruia Vs. Catholic Syrian Bank Ltd. & Anr. CA (AT) (Insolvency) No. 560-2018

> NCLAT judgment dated 2019-01-03. Citation: TCN-2019-NCLAT-00893. This appeal was preferred by Sanjay Kumar Ruia, the former Resolution Professional of S.N.…

- **Court:** NCLAT
- **Order date:** 3 Jan 2019
- **Citation:** TCN-2019-NCLAT-00893
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sanjay-kumar-ruia-vs-catholic-syrian-bank-ltd-anr-ca-6dbe3c39

## Summary

### Background

This appeal was preferred by Sanjay Kumar Ruia, the former Resolution Professional of S.N. Plumbing Private Limited, against an order dated July 25, 2018, passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench. The Adjudicating Authority, while extending the resolution process period under Section 55 of the Insolvency and Bankruptcy Code, 2016 (I&B Code), treated the matter as a 'Fast Track Corporate Insolvency Resolution Process' and determined the Corporate Insolvency Resolution Process fee and costs payable to the Appellant (Sanjay Kumar Ruia). The Adjudicating Authority reduced the amount claimed by the Resolution Professional from Rs. 1,45,92,064/- to Rs. 23,69,064/- plus G.S.T.

## Facts

Sanjay Kumar Ruia, the former Resolution Professional of S.N. Plumbing Private Limited, filed an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench. The Adjudicating Authority extended the resolution process period under Section 55 of the Insolvency and Bankruptcy Code, 2016 (I&B Code), treating the matter as a 'Fast Track Corporate Insolvency Resolution Process'. The Adjudicating Authority also determined the Corporate Insolvency Resolution Process fee and costs payable to the Appellant (Sanjay Kumar Ruia), reducing the amount claimed by the Resolution Professional from Rs. 1,45,92,064/- to Rs. 23,69,064/- plus G.S.T. The Corporate Insolvency Resolution Process was initiated against S.N. Plumbing Private

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## Issues and analysis

### Issue 1: Whether in a ‘Corporate Insolvency Resolution Process' triggered under Sections 7 or 9 or 10 of the …

**Ratio:** Section 55 of the I&B Code stipulates the conditions under which a Fast Track

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**Reasoning:** The court reasoned that the Adjudicating Authority has no jurisdiction to convert a

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**Interpretation:** Section 55 is interpreted to mean that a Fast Track Corporate Insolvency

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**Application:** The court applied this interpretation to the facts of the case, noting that

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Sanjay Kuma…
- **Respondents:** S.N. Plumbing…; Catholic Syrian…

## Timeline

- **2017-08-16 — CIRP Init…**: Corporate Insolvency Resolution Process initiated against ‘S.N. Plumbing Private Limited’…
- **2018-07-25 — Impugned…**: Adjudicating Authority passed the impugned order extending the resolution process and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 55 — Fast track corporation insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-55)

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