# In the matter of Maruti Cotex Limited

> NCLT judgment dated 2020-09-07. Citation: TCN-2020-NCLT-00690. The case involves an application filed by the Successful Resolution Applicant (Consortium of…

- **Court:** NCLT
- **Order date:** 7 Sept 2020
- **Citation:** TCN-2020-NCLT-00690
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maruti-cotex-limited-75c70ed3

## Summary

### Background

The case involves an application filed by the Successful Resolution Applicant (Consortium of Shree Sidhivinayak Cotspin Pvt. Ltd) of the Corporate Debtor, Maruti Cotex Limited, seeking certain reliefs related to the approved Resolution Plan. Specifically, the applicant sought a rectification of the order to reflect the correct amount apportioned to operational creditors and an extension of the timeline for payments to financial and operational creditors due to difficulties arising from the Covid-19 pandemic and related lockdowns.

## Facts

The Consortium of Shree Sidhivinayak Cotspin Pvt. Ltd., the Successful Resolution Applicant for Maruti Cotex Limited, filed an application seeking modifications to the approved Resolution Plan. The applicant requested a correction to the order regarding the amount allocated to operational creditors, stating that the total liability of the Operational Creditors is Rs. 87,03,60,530/-, while the CoC decided to provide a sum of Rs. 50,00,000/- only for payment of Operational Creditors. The applicant also sought a 90-day extension of the payment timeline due to difficulties in arranging funds from HDFC Bank because of the Covid-19 pandemic and related lockdowns. The Resolution Plan was approved on July 2, 2020. The CoC submitted that the Resolution Applicant has already

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## Issues and analysis

### Issue 1: Whether the Hon'ble Tribunal should allow the speaking to the minutes/rectification of the Order, …

**Ratio:** The court considered the facts presented and the inconsistencies between the applicant's

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**Reasoning:** The court found that the prayer for rectification was not in consonance with the facts of

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**Interpretation:** The interpretation involves aligning the relief sought with the actual claims

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**Application:** The court applied the reasoning to the specific facts, noting the discrepancy

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Consortium of…
- **Respondents:** Maruti Cotex…; Sujata Chattopadhy…

## Timeline

- **2020-07-02 — Approval of Resolution…**: The Bench approved the Resolution Plan for the Corporate Debtor submitted by the…
- **2020-03-25 — COVID-19 Declared…**: COVID-19 Pandemic declared, leading to…

## 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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