# In the matter of Acasia Tele Service Private Limited I.A.NO.501-MB-C-II-2021 In C.P (IB) No. 58-MB-C-II-2018

> NCLT judgment dated 2021-05-13. Citation: TCN-2021-NCLT-02139. The application was filed by the liquidator, Mr. Sethurathnam Ravi, seeking exclusion of the…

- **Court:** NCLT
- **Order date:** 13 May 2021
- **Citation:** TCN-2021-NCLT-02139
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/acasia-tele-service-private-limited-iano501-mb-c-ii-2021-in-cp-ib-no-58-mb-c-ii-257d76ae

## Summary

### Background

The application was filed by the liquidator, Mr. Sethurathnam Ravi, seeking exclusion of the lockdown period from the liquidation process of the Corporate Debtor, Acasia Tele Service Private Limited. The Corporate Insolvency Resolution Process (CIRP) commenced on 20.03.2018, and the applicant was appointed as Interim Resolution Professional. The liquidator sought an order allowing a period of 251 days from March 25, 2020, to November 30, 2020, as 'Exclusion' for completing the liquidation process.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for Acasia Tele Service Private Limited commenced on 20.03.2018. Mr. Sethurathnam Ravi was appointed as the Interim Resolution Professional and later as the liquidator. The Fourth Meeting of the Committee of Creditors (CoC) on 17.10.2018 recommended the initiation of the liquidation process. An order for liquidation was passed on 11.02.2019. The corporate debtor's assets include receivables and advances from various parties, some of whom are also undergoing liquidation. The liquidator is also in the process of realizing investments made by the corporate debtor in shares. The 8th Progress Report of the corporate debtor was filed on 14.01.2021. Due to the COVID-19 pandemic and the subsequent lockdown imposed from March

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## Issues and analysis

### Issue 1: Whether the lockdown period from March 25, 2020, to November 30, 2020, should be excluded from the …

**Ratio:** The ratio is based on Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read

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**Reasoning:** The court reasoned that the COVID-19 pandemic and the subsequent lockdown imposed severe

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**Interpretation:** The interpretation involves understanding the provisions of the IBC and IBBI

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**Application:** The ratio and reasoning were applied to the specific facts of the case,

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## Parties

- **Judges:** Harihar Prakash…; RavikumarDu…
- **Appellants:** Sethurathna…
- **Respondents:** Acasia Tele…

## Timeline

- **2018-03-20 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced for Acasia Tele Service Private…
- **2018-10-17 — CoC Meet…**: Fourth Meeting of the Committee of Creditors (CoC) recommended the initiation of the…

## 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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