# In the matter of Gupta Global Resources Pvt Ltd. IA No. 1231-MB-2020 in CP (IB) No. 1239-MB-2017

> NCLT judgment dated 2020-09-16. Citation: TCN-2020-NCLT-00609. The National Company Law Tribunal (NCLT) Mumbai Bench was closed due to the Covid-19 pandemic.…

- **Court:** NCLT
- **Order date:** 16 Sept 2020
- **Citation:** TCN-2020-NCLT-00609
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gupta-global-resources-pvt-ltd-ia-no-1231-mb-2020-in-cp-ib-no-1239-mb-2017-c1cdd3cc

## Summary

### Background

The National Company Law Tribunal (NCLT) Mumbai Bench was closed due to the Covid-19 pandemic. The Principal Bench constituted a special bench to hear urgent matters via video conference. The liquidator filed two applications: IA No. 1226/2020 for extension of the liquidation period and IA No. 1231/2020 for urgent hearing. The liquidation process of Gupta Global Resources Private Limited was initiated by an order dated 21.08.2018, and the liquidation period was set to expire on 20.08.2020. The liquidator filed multiple applications for various prayers, including recovery of amounts under preferential transactions. These applications were pending and could not be heard due to the lockdown and other litigations.

## Facts

The National Company Law Tribunal (NCLT) Mumbai Bench was operating under restrictions due to the Covid-19 pandemic. Gupta Global Resources Private Limited is undergoing liquidation, initiated by an order dated 21.08.2018, with the liquidation period initially set to expire on 20.08.2020. The liquidator, C. Bala Mouli, filed multiple applications, including MA 1309/2019, MA 1508/2018, MA 1509/2019, MA 289/2019, MA 1239/2017, MA 1760/2019, MA 1462/2019, MA 1465/2019, MA 3328/2019, MA 3034/2019, MA 3440/2019, MA 1854/2019, MA 621/2019 and MA 84/2020, for various prayers related to the liquidation process, including recovery of amounts covered under preferential transactions. These applications were pending and could not be heard due to the nationwide lockdown starting

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## Issues and analysis

### Issue 1: Whether the period of lockdown imposed by the Central Government due to the Covid-19 pandemic …

**Ratio:** Regulation 44(2) read with Regulation 47A of the IBBI (Liquidation Process) Regulations,

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**Reasoning:** The court recognized that the lockdown imposed by the Central Government significantly

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**Interpretation:** Regulation 47A, inserted by Notification No. IBBI/2020-21/GN/REG060 dated 20th

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**Application:** The court applied Regulation 47A to the facts of the case, acknowledging that

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** C. Bala…
- **Respondents:** Gupta Global…; Gupta Global…
- **Advocates:** Gaurangi…; Amit Mi…

## Timeline

- **2017-01-01 — CP (IB)…**: CP (IB) No. 1239/MB/2017…
- **2018-08-21 — Liquidation…**: Authority directed the liquidation of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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