# In the matter of Biotropics Pharma Pvt. Ltd. I.A. No. 2645-2021 in Company Petition No. (IB)-239(PB)-2017

> NCLT judgment dated 2021-09-30. Citation: TCN-2021-NCLT-00922. The application was filed by Mr. Naresh Kumar Sood, the Applicant/Liquidator, seeking…

- **Court:** NCLT
- **Order date:** 30 Sept 2021
- **Citation:** TCN-2021-NCLT-00922
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/biotropics-pharma-pvt-ltd-ia-no-2645-2021-in-company-petition-no-ib-239pb-2017-f7fe59ac

## Summary

### Background

The application was filed by Mr. Naresh Kumar Sood, the Applicant/Liquidator, seeking direction/order for extension of the liquidation process of the Corporate Debtor, M/s. Biotropics Pharma Private Limited. The Applicant/Liquidator stated that they had disposed of all assets/liquidation estate of the corporate debtor within twelve months from the commencement of liquidation and realized the sale proceeds, which are to be distributed to stakeholders as per Section 53 of the Code. The Liquidator sought a six-month extension to fulfill legal requirements.

## Facts

M/s. Baddi Foils Private Limited is the Financial Creditor. M/s. Biotropics Pharma Private Limited is the Corporate Debtor. Mr. Naresh Kumar Sood is the Applicant/Liquidator. The Applicant/Liquidator filed an application seeking an extension of the liquidation process for the Corporate Debtor. The Applicant/Liquidator stated that all assets/liquidation estate of the Corporate Debtor had been disposed of within twelve months from the commencement of liquidation, and the sale proceeds were realized. The distribution of the sale proceeds to the stakeholders is to be done as per Section 53 of the Code. The Liquidator sought a further six-month extension to fulfill its legal requirement of the assignment. The final fulfillment of the legal requirement of the assignment is

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## Issues and analysis

### Issue 1: Whether the extension of the liquidation process …

**Ratio:** The court has the power to grant an extension to the timeline of liquidation proceedings

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**Reasoning:** The bench considered the facts and circumstances presented by the Applicant/Liquidator,

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**Interpretation:** The court interpreted the relevant provisions of the IBC, 2016 and IBBI

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**Application:** Based on the facts presented by the Applicant/Liquidator, the court applied its

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## Parties

- **Judges:** SH. BHASKARA…; Sh. Hemant Kumar…
- **Respondents:** M/s. Biotropics…; M/s. Baddi Foils…
- **Advocates:** Ajay Kuma…; Srinivas Thatikond…

## Timeline

- **2017-01-01 — Company Petiti…**: Company Petition No. (IB)-…
- **2021-09-30 — Order Del…**: Order delivered on 30.09.2021 regarding 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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