# In the matter of Oracle Home Textile Limited MA-524 & 1255-2019 In C.P.(IB)1842(MB)-2018

> NCLT judgment dated 2019-04-09. Citation: TCN-2019-NCLT-04010. Oracle Home Textile Employees Saving and Credit Co-operative Society Limited sought a…

- **Court:** NCLT
- **Order date:** 9 Apr 2019
- **Citation:** TCN-2019-NCLT-04010
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/oracle-home-textile-limited-ma-524-1255-2019-in-cpib1842mb-2018-0472376e

## Summary

### Background

Oracle Home Textile Employees Saving and Credit Co-operative Society Limited sought a Condonation Order for submitting a Resolution Plan under section 30 of the I&B Code, as the deadline had expired. The applicant, a registered Co-operative Society of employees and workmen of the Corporate debtor, aimed to propose a Resolution Plan utilizing their expertise for the Corporate Debtor's revival. An email expressing intent to submit a Resolution Plan was sent to the Resolution Professional on 2019-01-16, followed by another on 2019-03-07, but the request was not entertained, and the applicant was directed to approach the NCLT.

## Facts

Oracle Home Textile Employees Saving and Credit Co-operative Society Limited filed MA-1255 seeking condonation for submitting a Resolution Plan under Section 30 of the I&B Code. The society, representing employees and workmen of Oracle Home Textile Limited, aimed to revive the Corporate Debtor. They communicated their intention to submit a plan to the Resolution Professional on 2019-01-16 and again on 2019-03-07, but were directed to approach NCLT. The Resolution Professional objected, citing lateness and the existence of a prior plan. The society was incorporated after the CIRP commencement date. The NCLT considered the arguments, referred to Punjab National Bank V/s Bhushan Power & Steel Limited, and allowed the applicants to submit plans by 2019-04-22, with

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## Issues and analysis

### Issue 1: Whether the delay in submitting the Resolution Plan by Oracle Home Textile Employees Saving and …

**Ratio:** Resolution Plans should not be rejected solely on the ground of delay, especially if

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**Reasoning:** The NCLT referred to the case of Punjab National Bank V/s Bhushan Power & Steel

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**Interpretation:** This interpretation suggests a flexible approach towards delays in submitting

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**Application:** The NCLT applied this principle by allowing the Resolution Applicants to submit

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Andhra…
- **Respondents:** Oracle Home…

## Timeline

- **2019-01-16 — Email to Resolution…**: Email sent to the Resolution Professional expressing an intention to submit a Resolution…
- **2019-03-07 — Second Email to…**: Informed the Learned Resolution Professional to consider the request for submission of…

## 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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