# In the matter of Indus Fila Limited I.A No. 567-2019 & I.A. No. 22 & 138-2020 in C.P. (IB) No. 136-BB-2017

> NCLT judgment dated 2020-03-11. Citation: TCN-2020-NCLT-01603. The case involves CP (IB) No. 136/BB/2017 before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 11 Mar 2020
- **Citation:** TCN-2020-NCLT-01603
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/indus-fila-limited-ia-no-567-2019-ia-no-22-138-2020-in-cp-ib-no-136-bb-2017-60db7f8c

## Summary

### Background

The case involves CP (IB) No. 136/BB/2017 before the National Company Law Tribunal (NCLT), Bengaluru Bench. Three Interlocutory Applications (IAs) were filed: I.A. No. 567 of 2019, I.A. No. 138 of 2020, and I.A. No. 22 of 2020. I.A. No. 567/2019 was filed by the Monitoring Agency seeking liquidation of the Corporate Debtor and appointment of the RP as Liquidator. I.A. No. 138/2020 was filed by the same applicant seeking modification of the sanctioned Resolution Plan. I.A. No. 22/2020 was filed by the Resolution Applicant seeking directions for the Respondents to adhere to the Tribunal's order and the Resolution Plan, handover control of the plant, and provide necessary information. The Resolution Plan had been approved earlier on 10.05.2019.

## Facts

The Corporate Debtor is Indus Fila Ltd. The Resolution Plan submitted by SPG Macrocosm Limited through SPV-Vision Textile was approved on 10.05.2019. Difficulties arose in implementing the Resolution Plan, leading to the filing of three IAs. I.A. No. 567/2019 was filed by Mr. Udayraj Patwardhan, Member of the Monitoring Agency, seeking liquidation of the Corporate Debtor. I.A. No. 138/2020 was also filed by Mr. Udayraj Patwardhan seeking modification of the sanctioned Resolution Plan. I.A. No. 22/2020 was filed by SPG Macrocosm Limited seeking directions to the Respondents to abide by the Tribunal's order and the Resolution Plan. The CoC had approved the Resolution Plan on 15.01.2019 and 15.04.2019. The Monitoring Agency was to monitor the company's operations and

…

## Issues and analysis

### Issue 1: Whether the Monitoring Agency's application for liquidation of the Corporate Debtor should be …

**Ratio:** The object of the Code is to see the revival

…

**Reasoning:** The Adjudicating Authority has to facilitate the concerned Parties by passing appropriate

…

**Interpretation:** The Insolvency and Bankruptcy Code (IBC) prioritizes the revival of the

…

**Application:** The NCLT considered the object of the IBC and the fact that the Resolution

…

## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** SF D…
- **Respondents:** Indus Fila…; Indus Fil…

## Timeline

- **2019-01-15 — CoC Approval of…**: The Committee of Creditors (CoC)…
- **2019-04-15 — Declaration of Binding…**: The Resolution Plan was declared binding on the Corporate Debtor, its employees, members,…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/indus-fila-limited-ia-no-567-2019-ia-no-22-138-2020-in-cp-ib-no-136-bb-2017-60db7f8c