# In the matter of Metallica Industries Limited IA No. 1077 of 2020 in C.P. (IB) No. 1329-MB-2017

> NCLT judgment dated 2021-05-19. Citation: TCN-2021-NCLT-02111. This case involves an application by the Successful Resolution Applicant seeking directions…

- **Court:** NCLT
- **Order date:** 19 May 2021
- **Citation:** TCN-2021-NCLT-02111
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/metallica-industries-limited-ia-no-1077-of-2020-in-cp-ib-no-1329-mb-2017-47a75b5c

## Summary

### Background

This case involves an application by the Successful Resolution Applicant seeking directions against the Registrar of Companies, Maharashtra, Mumbai, regarding statutory compliances for Metallica Industries Limited, the Corporate Debtor, which underwent Corporate Insolvency Resolution Process (CIRP). The Resolution Plan was approved on 16.10.2019. The former promoters of the Corporate Debtor were engaged in nefarious activities and criminal prosecution was initiated against them. The Corporate Debtor was involved in a real estate project. The applicant faced difficulties in implementing the resolution plan due to fraudulent actions of former promoters, complications, and the Covid-19 pandemic, leading to non-adherence to timelines and non-filing of annual returns and

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## Facts

Metallica Industries Limited (Corporate Debtor) underwent CIRP via order dated 2018-04-13. The Resolution Plan was approved on 2019-10-16. The former promoters engaged in nefarious activities, leading to criminal prosecution. The Corporate Debtor was involved in a real estate project. The Applicant faced difficulties in implementing the Resolution Plan due to the actions of former promoters and the Covid-19 pandemic. The Applicant was unable to file annual returns and balance sheets prior to 2019-10-16. The Registrar of Companies (RoC) insisted on the filing of all previous annual returns and balance sheets. The Corporate Debtor initially used extensible business reporting language (XBRL) for filing. The share capital of the Company has reduced. The Applicant undertook

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## Issues and analysis

### Issue 1: Whether the Hon'ble Tribunal may direct the Respondent No. 2 to not insist upon compliance of any …

**Ratio:** The principle that when technical considerations are pitted against substantial justice,

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**Reasoning:** The court reasoned that the e-filing of statements and returns could not have envisaged

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**Interpretation:** Rules of procedure are handmaidens of justice and should not hamper the cause

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**Application:** The court applied this principle to the present case, stating that the

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Kamla Industrial…
- **Respondents:** Metallica…; Monitoring…

## Timeline

- **2018-04-13 — CIRP Init…**: Metallica Industries Limited went into…
- **2019-10-16 — Resolution Plan…**: The Tribunal approved the Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 23(2) — Resolution professional to conduct corporate…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-23)

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