# In the matter of Lanco Infratech Ltd. IA Nos. 107,113-115,117,122,139,142-145,167,178,192-194,203-206,269 & 273-2018 in CP (IB) No. 111-7-HDB-2017

> NCLT judgment dated 2018-07-13. Citation: TCN-2018-NCLT-01152. The case involves multiple applications (IAs) filed in the corporate insolvency resolution…

- **Court:** NCLT
- **Order date:** 13 Jul 2018
- **Citation:** TCN-2018-NCLT-01152
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lanco-infratech-ltd-ia-nos-107113-115117122139142-145167178192-194203-206269-273-67539c9b

## Summary

### Background

The case involves multiple applications (IAs) filed in the corporate insolvency resolution process (CIRP) of Lanco Infratech Limited. These applications primarily concern the consideration of a resolution plan submitted by Thriveni Earthmovers Private Limited (TEPL), employee welfare issues, and payment of dues to ex-employees. The CIRP was initiated following the admission of a petition on 07.08.2017, with an initial resolution professional appointed and later confirmed by the Committee of Creditors (CoC). The insolvency period was extended, and various resolution plans were submitted and revised. Several applications were filed by ex-employees and the employee welfare association seeking directions for payment of salaries, gratuity, and statutory dues. The CoC

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## Facts

1. A petition against Lanco Infratech Limited was admitted on 07.08.2017, initiating the Corporate Insolvency Resolution Process (CIRP).
2. An Interim Resolution Professional (IRP) was appointed and later confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC).
3. The insolvency period was extended from 180 to 270 days, ending on 04.05.2018.
4. The RP called for Expression of Interest (EOI), receiving submissions from seven parties.
5. Thriveni Earthmovers Private Limited (TEPL) submitted a revised Resolution Plan on 17.04.2018, which was found to be in conformity with the Code and CIR Regulations.
6. The RP communicated the revised plan to the CoC in a meeting on 23.04.2018, and TEPL submitted an addendum on 24.04.2018.
7. The CoC expressed

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should exclude a certain period from the CIRP timeline to allow …

**Ratio:** The Adjudicating Authority has the power to exclude certain periods from the CIRP

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**Reasoning:** The court reasoned that the CoC was unable to take a final decision on the revised

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**Interpretation:** This legal issue involves the interpretation of the Adjudicating Authority's

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Ratakonda…
- **Appellants:** IDBI Bank L…
- **Respondents:** Lanco Infratech…

## Timeline

- **2017-08-07 — Petition Ad…**: Petition against Lanco Infratech…
- **2018-04-17 — TEPL Revise…**: Thriveni Earthmovers Private Limited (TEPL)…

## 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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