# In the matter of Dnyanyogi Shri Shivkumar Swamiji Sugars Limited I.A No. 54 of 2023 in C.P (IB) No. 09-BB-2022

> NCLT judgment dated 2023-06-28. Citation: TCN-2023-NCLT-05395. Twentyone Sugars Limited filed an application under Section 60(5) of the IBC, 2016, seeking…

- **Court:** NCLT
- **Order date:** 28 Jun 2023
- **Citation:** TCN-2023-NCLT-05395
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/dnyanyogi-shri-shivkumar-swamiji-sugars-limited-ia-no-54-of-2023-in-cp-ib-no-09-673c93b5

## Summary

### Background

Twentyone Sugars Limited filed an application under Section 60(5) of the IBC, 2016, seeking condonation of delay in submitting the Expression of Interest (EOI) and directions to the Committee of Creditors (CoC) to extend the EOI date. The applicant claimed they were unaware of the Form G publication due to it not being published on the IBBI website.

## Facts

Twentyone Sugars Limited filed an application seeking condonation of delay in submitting the Expression of Interest (EOI).

The applicant claimed they were unaware of the Form G publication due to it not being published on the IBBI website.

The respondent (Resolution Professional) contended that they uploaded the Form G on the IBBI portal, but it wasn't published due to technical reasons.

The CoC resolved not to extend the EOI date beyond 22.08.2022.

The Tribunal noted that in a previous order (IA No.339 of 2022), the respondents were held to be related parties and disqualified from being members of the CoC.

CIRP was initiated against Dnyanyogi Shri Shivkumar Swamiji Sugars Limited vide order dated 07.03.2022.

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## Issues and analysis

### Issue 1: Whether the delay in submitting the Expression of …

**Ratio:** The application was

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**Reasoning:** The Tribunal had already addressed the constitution of the CoC in a previous order,

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**Interpretation:** The Tribunal's decision suggests that issues related to the CoC's composition

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**Application:** The decision highlights the importance of a properly constituted CoC in the

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** TWENTYONE SUGARS…
- **Respondents:** Dnyanyogi Shri…; Mr.Shivadutt…; +1 more
- **Other parties:** Smt Pvitr…
- **Advocates:** Amit…; Raghuram C…

## Timeline

- **07.03.2022 — Initiation…**: CIRP initiated against Dnyanyogi Shri…
- **30.05.2022 — Appointment…**: Mr. Shivadutt Bannanje appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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