# In the matter of National Plywood Industries Ltd. IA No. 32-2021 in IA No. 37-2020 in CP (IB) No. 09-GB-2018

> NCLT judgment dated 2021-10-07. Citation: TCN-2021-NCLT-00789. The case involves an application for rectification of an order dated 04.05.2021 passed by the…

- **Court:** NCLT
- **Order date:** 7 Oct 2021
- **Citation:** TCN-2021-NCLT-00789
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/national-plywood-industries-ltd-ia-no-32-2021-in-ia-no-37-2020-in-cp-ib-no-09-gb-a841816b

## Summary

### Background

The case involves an application for rectification of an order dated 04.05.2021 passed by the National Company Law Tribunal (NCLT), Guwahati Bench, in relation to Corporate Insolvency Resolution Process (CIRP) of National Plywood Industries Limited (NPIL). The CIRP was initiated based on an application filed by Stressed Assets Stabilization Fund under Section 7 of the Insolvency & Bankruptcy Code (IBC). The Resolution Professional (RP), Sandeep Khaitan, faced non-cooperation from the suspended board of directors and discovered unauthorized transactions by Mr. Piyush Periwal. The NCLT directed the RP to furnish certain documents, which the RP claims to have complied with by filing an affidavit. However, the order dated 04.05.2021 incorrectly recorded that the RP had

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## Facts

Stressed Assets Stabilization Fund initiated CIRP against National Plywood Industries Ltd. (NPIL). Sandeep Khaitan was appointed as the Resolution Professional (RP). The RP faced non-cooperation from the suspended board of directors and discovered unauthorized transfers by Mr. Piyush Periwal. The NCLT directed the RP to furnish documents by 15.04.2021. The RP filed an affidavit with 756 pages on 30.04.2021 (e-filing) and 03.05.2021 (physical filing). The NCLT order dated 04.05.2021 stated that the RP only filed one document (copy of FIR). The RP sought rectification of the 04.05.2021 order. The RP filed FIR against the supplier of raw materials to the CD. The Hon'ble High Court dated 04.02.2021 and the Hon'ble Supreme Court dated 23.02.2021 issued orders relating to

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## Issues and analysis

### Issue 1: Whether the order dated 04.05.2021 passed by the NCLT contains a clerical error and accidental …

**Ratio:** The ratio is based on the inherent powers of the Tribunal to rectify any clerical or

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**Reasoning:** The NCLT reasoned that the RP had submitted that he filed all the documents with the

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**Interpretation:** The interpretation involves understanding the scope of the Tribunal's power to

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

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## Parties

- **Judges:** H.V. Subb…; Prasanta Kumar…
- **Appellants:** Sandeep K…
- **Respondents:** National Plywood…; JSVM Plywood…

## Timeline

- **2019-08-26 — Appointment…**: The Applicant was…
- **2019-11-08 — Confirmation of IRP as…**: The appointment of IRP was confirmed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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