# 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-02144. The application was filed by the liquidator, Mr. Sethurathnam Ravi, of Acasia Tele Service…

- **Court:** NCLT
- **Order date:** 13 May 2021
- **Citation:** TCN-2021-NCLT-02144
- **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-abbb1bca

## Summary

### Background

The application was filed by the liquidator, Mr. Sethurathnam Ravi, of Acasia Tele Service Private Limited, seeking exclusion of the lockdown period from the liquidation process of the corporate debtor. The Corporate Insolvency Resolution Process (CIRP) commenced on 20.03.2018, and the applicant was appointed as Interim Resolution Professional. The applicant 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 initiating the liquidation process. An order for liquidation was passed on 11.02.2019. The liquidator performed duties including public announcements and claim verification. The corporate debtor's assets included receivables and investments. The liquidator sought exclusion of 251 days (March 25, 2020, to November 30, 2020) from the liquidation period due to the COVID-19 pandemic and lockdown. The 8th progress report was filed on 14.01.2021. The lockdown imposed restrictions

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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 IBC, 2016 read with Regulation 47A of the IBBI

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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 scope of Section 60(5) of the IBC

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

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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 initiating the liquidation…

## 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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