# In the matter of Network Industries Limited IA (IB) 156-KB-2021 in CP (IB) 70-KB-2018

> NCLT judgment dated 2021-05-12. Citation: TCN-2021-NCLT-02157. The case involves an application filed under section 60(5) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 12 May 2021
- **Citation:** TCN-2021-NCLT-02157
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/network-industries-limited-ia-ib-156-kb-2021-in-cp-ib-70-kb-2018-83130bfd

## Summary

### Background

The case involves an application filed under section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking a direction to the Officer-in-Charge of Shakespeare Sarani Police Station to provide police assistance for breaking open locks at the corporate debtor's office. The applicant, Gloster Limited, is the successful resolution applicant. The resolution plan was approved on 04.07.2019, and the resolution amount was deposited by 19.07.2019. Possession of immovable property was handed over on 20.07.2019. However, when representatives of Gloster Limited and the corporate debtor attempted to take physical possession of the registered office on 09.09.2019, they found it locked. The police refused assistance without specific directions from the Adjudicating Authority. A

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## Facts

The Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against Network Industries Limited on 26.09.2018. Gloster Limited submitted its resolution plan on 03.06.2019, which was approved on 04.07.2019. Gloster Limited deposited the resolution amount by 19.07.2019. The resolution professional handed over possession of the immovable property at Bauria on 20.07.2019. On 09.09.2019, representatives of Gloster Limited and the corporate debtor found the registered office locked. The police refused assistance without a specific order. The RP underwent brain surgery in March 2021 and was hospitalized. The Park Street office's existence was unknown to the RP until Indiabulls filed a claim. Indiabulls had custody of the title deeds, and litigations

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## Issues and analysis

### Issue 1: Whether the Officer-in-Charge of Shakespeare Sarani Police Station should be directed to provide …

**Ratio:** Section 60(5) of the Insolvency and Bankruptcy Code, 2016 provides the legal basis for

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**Reasoning:** The court reasoned that the successful resolution applicant was unable to take physical

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**Interpretation:** Section 60(5) is interpreted to empower the Adjudicating Authority to issue

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**Application:** The court applied the ratio by directing the Officer-in-Charge of Shakespeare

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Gloster L…
- **Respondents:** Network Industries…; Samir Kumar…
- **Advocates:** Shaunak…; PK Jhunjh…; +2 more

## Timeline

- **2018-09-26 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Network Industries…
- **2019-06-03 — Resolution Plan…**: Gloster Limited…

## 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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