# In the matter of the Committee of Creditors (Through Canara Bank) Vs. Lakshmi Precisions Screws Ltd. and Anr. CA (AT) (Ins) No. 448 of 2021

> NCLAT judgment dated 2021-07-02. Citation: TCN-2021-NCLAT-00209. The case involves an appeal against an order related to the Corporate Insolvency Resolution…

- **Court:** NCLAT
- **Order date:** 2 Jul 2021
- **Citation:** TCN-2021-NCLAT-00209
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/the-committee-of-creditors-through-canara-bank-vs-lakshmi-precisions-screws-ltd-11b0f0c1

## Summary

### Background

The case involves an appeal against an order related to the Corporate Insolvency Resolution Process (CIRP) of Lakshmi Precisions Screws Ltd. The Committee of Creditors (CoC) had approved a Resolution Plan on April 1, 2019, which was later modified and approved in November 2019. The plan was submitted to the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench, Chandigarh) for approval. The CIRP was initiated on July 18, 2018. The appeal was filed against an order dated March 17, 2020, concerning various Interlocutory Applications (I.As) in the CIRP proceeding.

## Facts

Lakshmi Precisions Screws Ltd. is undergoing CIRP since July 18, 2018. The Committee of Creditors (CoC) approved a Resolution Plan on April 1, 2019, which was later modified and approved in November 2019. The modified plan was submitted to the National Company Law Tribunal (NCLT), Chandigarh Bench, for approval. The CP (IB) No. is 155/CHD/HRY/2018. An appeal was filed against an order dated March 17, 2020, related to various I.As in the CIRP proceeding. The CoC members are concerned about increasing CIRP costs and their potential impact on the recovery under the Resolution Plan. The impugned order was considered not appealable.

## Issues and analysis

### Issue 1: Whether the impugned order is an order from which an appeal could be maintained under the relevant …

**Ratio:** Appeals are only maintainable against specific orders as prescribed by the Insolvency and

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**Reasoning:** The court reasoned that the specific order being appealed was not of a nature that

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**Interpretation:** The interpretation of the IBC suggests that only certain orders that directly

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**Application:** In this specific case, the court applied the principle that not all orders are

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## Parties

- **Judges:** A.I.S. C…; Alok Sriv…
- **Appellants:** The Committee of…
- **Respondents:** Lakshmi Precisions…; Micro Turners…

## Timeline

- **2018-07-18 — CIRP Init…**: CIRP initiated against…
- **2019-04-01 — Resolution Plan…**: CoC approved the…

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