# In the matter of AKR Holdings Pvt. Ltd. IA-547-CHE-2021 in CP-1011-IB-2018

> NCLT judgment dated 2021-08-02. Citation: TCN-2021-NCLT-01515. The case pertains to IA/547/CHE/2021 filed in CP/1011/IB/2018 under Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 2 Aug 2021
- **Citation:** TCN-2021-NCLT-01515
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/akr-holdings-pvt-ltd-ia-547-che-2021-in-cp-1011-ib-2018-d3e713fa

## Summary

### Background

The case pertains to IA/547/CHE/2021 filed in CP/1011/IB/2018 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Regulations 44 and 47A of the IBBI (Liquidation Process) Regulations, 2016. The application seeks an extension of the liquidation period for M/s. AKR Holdings Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2018-11-15, and the liquidation order was passed on 2019-06-07. The liquidator, N. Kumar, faced non-cooperation from the suspended directors of the corporate debtor and was unable to complete the liquidation process within the initial two-year period due to the COVID-19 pandemic and subsequent lockdowns.

## Facts

On 2018-11-15, the Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. AKR Holdings Private Limited by an Financial Creditor. Mr. Muthuiah Thevar Rajapandian was appointed as the Interim Resolution Professional (IRP). On 2019-06-07, the Tribunal ordered the liquidation of the Corporate Debtor and appointed the Applicant as the Liquidator. The Liquidator faced non-cooperation from the promoter/suspended directors of the Corporate Debtor, who refused to hand over documents and records. The Liquidator identified fraudulent transactions carried out by the erstwhile management, which are subject to pending adjudication in IA/157/2021 and IA/159/2021. An application, IA/73/2021, seeking directions against tenants illegally occupying the Corporate

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## Issues and analysis

### Issue 1: Whether the liquidation period for the Corporate Debtor, M/s. AKR Holdings Pvt. Ltd., should be …

**Ratio:** Regulation 44(2) of the IBBI (Liquidation Process) Regulations, 2016, allows the

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**Reasoning:** The Tribunal considered the facts presented by the Liquidator, including the

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**Interpretation:** Regulation 44(2) provides a mechanism for extending the liquidation period when

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**Application:** The Tribunal applied Regulation 44(2) to the facts of the case, considering the

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## Parties

- **Judges:** R. Sucha…; Anil Ku…
- **Appellants:** N. Ku…
- **Respondents:** M/s. AKR Holdings…
- **Advocates:** S. Sathiyanarayana…

## Timeline

- **2018-11-15 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. AKR Holdings…
- **2019-06-07 — Liquidation…**: Tribunal ordered the liquidation of the Corporate Debtor and appointed the Applicant as…

## 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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