# In the matter of Excel Glasses Ltd. MA-79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,101,102,103,104,105,106,107,108 & 112-KOB-2020 in IBA-258-2019

> NCLT judgment dated 2021-08-11. Citation: TCN-2021-NCLT-01368. These appeals were filed by workmen/employees of Excel Glasses Limited under Section 42 of the…

- **Court:** NCLT
- **Order date:** 11 Aug 2021
- **Citation:** TCN-2021-NCLT-01368
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/excel-glasses-ltd-ma-79808182838485868788899091929394101102103104105106107108-11-9a07d2be

## Summary

### Background

These appeals were filed by workmen/employees of Excel Glasses Limited under Section 42 of the Insolvency & Bankruptcy Code, 2016, aggrieved by the liquidator's decision dated 02.01.2020 regarding their claims. An application under Section 7 of the IBC, 2016 was filed by Boon Investment and Trading Company Private Limited against Excel Glasses Limited before the NCLT, Chennai Bench. The application was admitted on March 26, 2019, initiating the Corporate Insolvency Resolution Process (CIRP). As no resolution plan was received, a liquidation order was passed on October 21, 2019, and Mr. Ravindra Chaturvedi was appointed as the Liquidator. The Liquidator issued a public announcement on 22.10.2019, calling upon stakeholders to submit proof of their claims by 20.11.2019.

## Facts

Boon Investment and Trading Company Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Excel Glasses Limited by filing an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The NCLT, Chennai Bench admitted the application on March 26, 2019. As no resolution plan was received during the CIRP period, the NCLT ordered the liquidation of Excel Glasses Limited on October 21, 2019, and appointed Mr. Ravindra Chaturvedi as the Liquidator. The Liquidator issued a public announcement on 22.10.2019, asking stakeholders to submit their claims by 20.11.2019. Numerous workmen/employees of Excel Glasses Limited filed claims with the Liquidator, seeking salary arrears, bonus, lay-off compensation, closure/retrenchment

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## Issues and analysis

### Issue 1: Whether the applications filed by the …

**Ratio:** Section 42 of the IBC, 2016 states that a creditor may appeal to the Adjudicating

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**Reasoning:** The Tribunal observed that the applications were filed on 13.03.2020, which was prior to

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**Interpretation:** Section 42 of the IBC provides a specific timeline for filing appeals against

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**Application:** The Tribunal applied the provisions of Section 42 of the IBC to the facts of

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## Parties

- **Judges:** Ashok Kumar…; Shyam Babu…
- **Appellants:** Jobin C J…
- **Respondents:** Excel Glasses…; Ravindra Chaturved…

## Timeline

- **2019-03-26 — CIRP Init…**: Application under Section 7 of IBC…
- **2019-10-21 — Liquidation…**: Liquidation order passed for Excel Glasses Limited; Ravindra Chaturvedi appointed as…

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