# In the matter of Standard Surfa Chem India Pvt. Ltd.
(formerly known as M/ s Portia
Ventures Private Limited) Vs. Kishore Gopal Somani
The Liquidator of Advanced Surfactants
India Ltd. Company Appeal (AT) (Insolvency) No. 684 of 2021

> NCLAT judgment dated 2022-02-14. Citation: TCN-2022-NCLAT-00626. The case involves an appeal against an order dated 09 August 2021, passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 14 Feb 2022
- **Citation:** TCN-2022-NCLAT-00626
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/standard-surfa-chem-india-pvt-ltd-formerly-known-as-m-s-portia-ventures-private-be59bc84

## Summary

### Background

The case involves an appeal against an order dated 09 August 2021, passed by the Adjudicating Authority/National Company Law Tribunal, Principal Bench, New Delhi, dismissing IA No. 3377 of 2021. The appellant, Standard Surfa Chem India Pvt. Ltd., was the successful auction purchaser of the Pondicherry unit of Advanced Surfactants India Ltd., the corporate debtor. The appellant sought an extension of time to complete the auction process due to the Covid-19 lockdown and related difficulties in securing a loan. The Adjudicating Authority dismissed the application, leading to the present appeal.

## Facts

Standard Surfa Chem India Pvt. Ltd. (Appellant) was the successful auction purchaser of the Pondicherry unit of Advanced Surfactants India Ltd. (Corporate Debtor). The auction was conducted as an E-Auction. The Appellant emerged as the successful bidder with a bid of ₹ 3.3 crores. The Liquidator issued a letter of intent on 5 March 2021, stipulating a 90-day timeline for full payment. The 90-day period was to expire on 3 June 2021. The Appellant filed IA number 3377 of 2021 on 25 May 2021, seeking an extension of time due to difficulties caused by the Covid-19 lockdown in Tamil Nadu, which began on 10 May 2021 and continued until 3 July 2021. The Appellant was unable to ensure a listing of its application before the NCLT until August 2021. The NCLT dismissed the IA,

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## Issues and analysis

### Issue 1: Whether the NCLT and Liquidator were justified in refusing to grant an extension to the Appellant …

**Ratio:** The timelines provided under Section 7 of the Insolvency and Bankruptcy Code 2016 are

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**Reasoning:** The NCLAT referred to the Hon'ble Supreme Court's observation that timelines contained in

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**Interpretation:** Regulation 47A allows for the exclusion of the period of lockdown imposed by

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**Application:** The NCLAT found that the Adjudicating Authority should have considered the

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## Parties

- **Judges:** M. Venu…; V. P. S…; +1 more
- **Appellants:** Standard Surfa…
- **Respondents:** Advanced Surfactan…; Kishore Gopal…

## Timeline

- **2021-03-05 — Letter of…**: Liquidator issued a letter of intent…
- **2021-05-10 — Lockdown in Ta…**: Lockdown imposed in Tamil Nadu…

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