# In the matter of Kingfisher Industries Private Limited CA Nos. 9-2018 & 425-2018 In CP (IB) No. 12-Chd-Pb-2018

> NCLT judgment dated 2019-01-09. Citation: TCN-2019-NCLT-05290. The case involves an application filed by M/s Kapoor Woolen Mill, through its Proprietor Shri…

- **Court:** NCLT
- **Order date:** 9 Jan 2019
- **Citation:** TCN-2019-NCLT-05290
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kingfisher-industries-private-limited-ca-nos-9-2018-425-2018-in-cp-ib-no-12-chd-d11c3b66

## Summary

### Background

The case involves an application filed by M/s Kapoor Woolen Mill, through its Proprietor Shri Anil Kapoor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking an extension of time for the Insolvency Resolution Process and permission to submit a resolution plan. The corporate insolvency resolution process (CIRP) was initiated against Kingfisher Industries Private Limited based on a petition under Section 10 of the Code. The Committee of Creditors (CoC) decided to liquidate the corporate debtor due to its non-cooperative attitude and the presence of fraudulent transactions. The Resolution Professional (RP) filed an application under Section 33 of the Code for liquidation.

## Facts

Kingfisher Industries Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC). The petition was admitted on 20.03.2018, and a moratorium was declared. An Interim Resolution Professional (IRP) was appointed on 27.03.2018. The Committee of Creditors (CoC) in its 6th meeting held on 11.09.2018, decided to liquidate the corporate debtor due to its non-cooperative attitude and the presence of fraudulent transactions. The 180-day period for CIRP under Section 12(1) of the Code expired on 16.09.2018. M/s Kapoor Woolen Mill, through its Proprietor Shri Anil Kapoor, filed an application under Section 60(5) of the IBC seeking an extension of time for the CIRP and permission to

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## Issues and analysis

### Issue 1: Whether the application filed by M/s Kapoor Woolen Mill for extension of time for the Insolvency …

**Ratio:** The ratio is that only an aggrieved person can maintain an application before the

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**Reasoning:** The court reasoned that M/s Kapoor Woolen Mill, being a third party, has no locus standi

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**Interpretation:** Section 60(5) of the IBC is interpreted to mean that only parties directly

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**Application:** The court applied this ratio to the facts by holding that M/s Kapoor Woolen

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** M/s Kapoor Woolen…
- **Respondents:** Kingfisher…; Asrec (India)…

## Timeline

- **2018-03-20 — Admission of…**: The petition under Section 10 of the…
- **2018-03-20 — Moratorium D…**: A moratorium was declared in terms…

## 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)

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