# In the matter of KGS Sugar and Infra Corporation Limited IA No. 1211-MB-2020 in CP (IB) No. 2156-MB-2019

> NCLT judgment dated 2020-11-23. Citation: TCN-2020-NCLT-00223. Girija Sugars and Agro Private Limited filed an application (IA No. 1211/MB/2020) in CP (IB)…

- **Court:** NCLT
- **Order date:** 23 Nov 2020
- **Citation:** TCN-2020-NCLT-00223
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kgs-sugar-and-infra-corporation-limited-ia-no-1211-mb-2020-in-cp-ib-no-2156-mb-2-e308bf6a

## Summary

### Background

Girija Sugars and Agro Private Limited filed an application (IA No. 1211/MB/2020) in CP (IB) No. 2156/MB/2019, seeking reversal of the decision by Respondent No. 1 (Resolution Professional) for not accepting its Expression of Interest (EoI). The Corporate Insolvency Resolution Process (CIRP) was initiated against KGS Sugar & Infra Corporation Limited based on a petition filed under section 7 of the Insolvency & Bankruptcy Code, 2016. The IRP published a public announcement inviting Prospective Resolution Applicants (PRAs) with a cut-off date of 10/02/2020 for EoI submission. The applicant failed to submit the EOI by the cut-off date but later expressed its intention to submit the EoI. The Resolution Professional rejected the request, leading to the current application.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against KGS Sugar & Infra Corporation Limited. The IRP published a public announcement with a cut-off date of 10/02/2020 for submission of Expression of Interest (EOI). Girija Sugars and Agro Private Limited (the Applicant) failed to submit its EOI by the cut-off date. The Applicant later expressed its intention to submit the EOI via a letter dated 02/08/2020. The Resolution Professional (Respondent No. 1) rejected the Applicant's request. Dwarkadhish Sakar Karkhana Limited (DSKL) was previously allowed to submit a belated EOI with the approval of the CoC. An Interlocutory Application (IA No. 1029/2020) was filed by another PRA challenging the decision to allow DSKL's belated EOI. The last date for

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## Issues and analysis

### Issue 1: Whether the Resolution Professional (RP) was justified in rejecting the Applicant's request to …

**Ratio:** Adherence to specific timelines for resolution is essential for the successful resolution

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**Reasoning:** The NCLT found that the Applicant was negligent in submitting the EOI and failed to

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**Interpretation:** The Insolvency and Bankruptcy Code (IBC) emphasizes the importance of timely

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**Application:** The Applicant's failure to submit the EOI within the prescribed timeline,

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Girija Sugars and…
- **Respondents:** KGS Sugar and…; Pankaj Sham…

## Timeline

- **2019-10-10 — Petition Ad…**: Tribunal admitted a Petition (CP No. 2156 of 2019) under section 7 of the Insolvency &…
- **2020-01-17 — Public Annou…**: IRP published a public announcement inviting Prospective Resolution Applicants (PRAs) to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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