# In the matter of Ballarpur Industries Limited I.A. NO. 1175 OF 2020 in C.P. (IB) No. 2915 OF 2019

> NCLT judgment dated 2020-09-15. Citation: TCN-2020-NCLT-00621. The case involves an Interlocutory Application (I.A. No. 1175 of 2020) filed by the Resolution…

- **Court:** NCLT
- **Order date:** 15 Sept 2020
- **Citation:** TCN-2020-NCLT-00621
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ballarpur-industries-limited-ia-no-1175-of-2020-in-cp-ib-no-2915-of-2019-d6819999

## Summary

### Background

The case involves an Interlocutory Application (I.A. No. 1175 of 2020) filed by the Resolution Professional (RP), Mr. Anuj Jain, of Ballarpur Industries Limited (the Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The application seeks the exclusion of 129 days from the 180-day deadline for completing the Corporate Insolvency Resolution Process (CIRP). The Corporate Insolvency Resolution Process was initiated based on a Company Petition filed by Finquest Financial Solutions Private Limited under Section 7, which was admitted on 2020-01-17. Mr. Divyesh Desai was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Anuj Jain on

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## Facts

Finquest Financial Solutions Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Ballarpur Industries Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2020-01-17. Initially, Mr. Divyesh Desai was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Anuj Jain replaced Mr. Desai as the Resolution Professional (RP) on 2020-02-20. Due to the nationwide lockdown announced on 2020-03-23, the RP faced difficulties in completing the CIRP within the stipulated 180-day period. The Committee of Creditors (CoC) of the Corporate Debtor, with a voting share of 85.59%, decided in its 7th meeting held on 2020-08-11 to file an application seeking exclusion of the

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## Issues and analysis

### Issue 1: Whether the period of the nationwide lockdown imposed due to the COVID-19 pandemic should be …

**Ratio:** The ratio is based on the principle that unforeseen circumstances, such as a nationwide

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**Reasoning:** The court reasoned that the nationwide lockdown imposed significant restrictions on the

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**Interpretation:** The legal issue involves interpreting the provisions of the Insolvency and

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

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## Parties

- **Judges:** SUCHITRAKAN…; Shri. Shyam Babu…
- **Appellants:** Anuj…
- **Respondents:** Ballarpur…; M/S Finquest…

## Timeline

- **2020-01-17 — Admission of Company…**: Company Petition filed by Finquest Financial Solutions Private Limited under Section 7…
- **2020-02-20 — Appointment of…**: Mr. Anuj Jain replaced Mr. Divyesh Desai…

## 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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