# In the matter of Kiev Finance Limited IA No. 905-KB-2018 In CP(IB) No.110-KB-2018

> NCLT judgment dated 2018-12-20. Citation: TCN-2018-NCLT-00031. The case involves an application filed by the Liquidator under Section 12(2) of the Insolvency…

- **Court:** NCLT
- **Order date:** 20 Dec 2018
- **Citation:** TCN-2018-NCLT-00031
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kiev-finance-limited-ia-no-905-kb-2018-in-cpib-no110-kb-2018-69927504

## Summary

### Background

The case involves an application filed by the Liquidator under Section 12(2) of the Insolvency and Bankruptcy Code, 2016, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period by 90 days and a recall of the liquidation order for the Corporate Debtor. The Adjudicating Authority had previously ordered the liquidation of the Corporate Debtor on 10/09/2018. After the liquidation order, a prospective Resolution Applicant, M/s Nigania Promotors Private Limited, expressed interest in submitting a resolution plan. The Resolution Professional (RP) convened a meeting of the Committee of Creditors (CoC) to discuss the plan, and the CoC instructed the RP to apply for an extension of the CIRP period. However, the application for extension was filed after

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## Facts

M/s Affinity Finance Services Pvt. Ltd. filed CP(IB)No.110/KB/2018 against the Corporate Debtor, M/s Kiev Finance Ltd., under Section 9 of the Insolvency and Bankruptcy Code. The Adjudicating Authority admitted the Corporate Debtor into the Corporate Insolvency Resolution Process (CIRP) on 2018-02-28, appointing Ms. Sonu Jain as the Interim Resolution Professional (IRP). The IRP made a public announcement of the CIRP and formed a Committee of Creditors (CoC). The CoC confirmed the appointment of the IRP as the Resolution Professional (RP) in its first meeting on 2018-03-27. The RP issued a public notice calling for expressions of interest/resolution plans. The RP held six CoC meetings, but no resolution plan was received. The CIRP period of 180 days ended on

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority has the jurisdiction to review or recall its own order of …

**Ratio:** An adjudicating authority cannot review its own order if an appeal is available under

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**Reasoning:** The court reasoned that when a specific remedy like an appeal is provided under the law,

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**Interpretation:** The interpretation of the Insolvency and Bankruptcy Code and the NCLT Rules

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**Application:** In this specific case, since Section 61 of the Insolvency and Bankruptcy Code

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## Parties

- **Judges:** Madan B.…
- **Respondents:** Kiev Finance…

## Timeline

- **2018-02-28 — CIRP Admi…**: Adjudicating Authority admitted the Corporate Debtor into Corporate Insolvency Resolution…
- **2018-03-27 — CoC Meet…**: Committee of Creditors confirmed the appointment of Interim Resolution Professional as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(2) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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