# In the matter of R G Shaw & Sons Pvt Ltd CP (I.B.) No. 186-2017

> NCLT judgment dated 2017-12-15. Citation: TCN-2017-NCLT-00043. An application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with…

- **Court:** NCLT
- **Order date:** 15 Dec 2017
- **Citation:** TCN-2017-NCLT-00043
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/r-g-shaw-sons-pvt-ltd-cp-ib-no-186-2017-6896a48a

## Summary

### Background

An application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against R G Shaw & Sons Private Limited (Corporate Debtor) by Naviplast Traders Private Limited & Others (Petitioners). The application was admitted on April 12, 2017. Sumit Binani was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The IRP made a public announcement as per Section 13(2) and 15 of the I & B Code, 2016. The IRP filed his First Progress Report on April 28, 2017, stating that the Corporate Debtor had not been regularly functioning for the past two years.

## Facts

Naviplast Traders Private Limited and Others filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against R G Shaw & Sons Private Limited, the Corporate Debtor. The application was admitted on April 12, 2017, and Sumit Binani was appointed as the Interim Resolution Professional (IRP). The Corporate Debtor's accounts were last audited in March 2014, and they failed to provide necessary financial information to the IRP. The IRP constituted the Committee of Creditors (CoC) on May 5, 2017. The Promoter/Directors of the Corporate Debtor showed non-cooperation and made false representations. The Resolution Process was extended to December 7, 2017, but the Promoter/Directors remained uncooperative. The RP applied to the IBBI to file a

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be liquidated due to the expiry of the resolution process …

**Ratio:** The statutory time limit of 180 days plus 60 days for submission of a Resolution Plan had

…

**Reasoning:** The Committee of Creditors (CoC) unanimously agreed that liquidation was the appropriate

…

**Interpretation:** The interpretation of the Insolvency and Bankruptcy Code, 2016, particularly in

…

**Application:** Given the expiry of the resolution period and the ineligibility of the

…

## Parties

- **Judges:** V. P. S…; Jinan…
- **Appellants:** M/s. Naviplast…
- **Respondents:** R G Shaw & Sons…; M/s. R G Shaw &…

## Timeline

- **2017-04-12 — Application A…**: Application under…
- **2017-04-12 — Appointment…**: Shri Sumit Binani appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/r-g-shaw-sons-pvt-ltd-cp-ib-no-186-2017-6896a48a