# In the matter of IAG Glass Co. Ltd. CA (IB) No. 673-KB-2018 In C.P (IB) No. 570-KB-2017

> NCLT judgment dated 2019-02-15. Citation: TCN-2019-NCLT-04832. The case involves IAG Glass Co. Ltd. under Section 10 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 15 Feb 2019
- **Citation:** TCN-2019-NCLT-04832
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/iag-glass-co-ltd-ca-ib-no-673-kb-2018-in-cp-ib-no-570-kb-2017-0d4b89c9

## Summary

### Background

The case involves IAG Glass Co. Ltd. under Section 10 of the Insolvency and Bankruptcy Code (IBC). The Hon'ble High Court, Kolkata, in CP No. 202 of 2013, had already admitted the CP in liquidation, and the Official Liquidator (OL) was directed to take possession of the corporate debtor's assets.

## Facts

IAG Glass Co. Ltd. is the Corporate Debtor. C.P (IB) No. 570/KB/2017 and CA (IB) No. 673/KB/2018 are related to the case. The Hon'ble High Court, Kolkata, had already admitted CP No. 202 of 2013 in liquidation vide order dated 2019-01-30. The Official Liquidator (OL) was directed to take possession of all assets of the corporate debtor. Several advocates appeared on behalf of different parties, including the interveners and PNB and SBI. The application was considered under Section 11 of the Insolvency & Bankruptcy Code.

## Issues and analysis

### Issue 1: Whether the current application survives under Section 11 of the Insolvency & Bankruptcy Code, …

**Ratio:** Section 11 of the Insolvency & Bankruptcy Code deals with the moratorium period and

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**Reasoning:** The court reasoned that since the High Court had already admitted the Corporate Debtor

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**Interpretation:** Section 11 is interpreted in conjunction with the overall scheme of the IBC,

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**Application:** Given that the High Court had already initiated liquidation proceedings, the

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## Parties

- **Judges:** Madan B.…
- **Respondents:** IAG Glass C…

## Timeline

- **2013-01-01 — CP No. 202…**: CP No. 202 of 2013 filed before…
- **2019-01-30 — High Court…**: The Hon'ble High Court, Kolkata, admitted CP No. 202 of 2013 in liquidation and directed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 11 — Persons not entitled to make application](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-11)

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