# In the matter of RAA International Limited IA-309 & 329(KB)2021 in CP(IB)-371(KB)2019

> NCLT judgment dated 2021-08-06. Citation: TCN-2021-NCLT-01424. The case involves applications IA/329(KB)2021 and IA/309(KB)2021 filed in CP(IB)/371(KB)2019…

- **Court:** NCLT
- **Order date:** 6 Aug 2021
- **Citation:** TCN-2021-NCLT-01424
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/raa-international-limited-ia-309-329kb2021-in-cpib-371kb2019-bc72c484

## Summary

### Background

The case involves applications IA/329(KB)2021 and IA/309(KB)2021 filed in CP(IB)/371(KB)2019 under Section 60(5) and Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional (RP) filed IA/329(KB)2021 seeking exclusion of 317 days from the CIRP period due to the COVID-19 lockdown and the Committee of Creditors' (CoC) decision to liquidate the Corporate Debtor. IA/309(KB)2021 was filed by the RP under Section 33 of the IBC, seeking liquidation of the Corporate Debtor due to the absence of a resolution plan.

## Facts

Union Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against RAA International Limited. The Corporate Debtor was admitted into CIRP on 2019-11-08. A public announcement was made on 2019-11-25 in 'Financial Express' and 'Ekdin'. The Committee of Creditors (CoC) was formed, including Union Bank of India and Punjab National Bank. The suspended Board of Directors of the Corporate Debtor failed to provide necessary books of account or documents. The CoC decided to liquidate the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016, due to the bleak possibility of resolution. The CoC preferred not to vote on the resolution for liquidation. The RP filed an application seeking exclusion of 317 days from the CIRP period due to the

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## Issues and analysis

### Issue 1: Whether the exclusion of 317 days from the CIRP period, from 2020-03-24 to 2021-02-03, should be …

**Ratio:** The ratio is based on the court's satisfaction with the RP's prayer for exclusion of the

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**Reasoning:** The court reasoned that the circumstances warranted the exclusion of the 317-day period,

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**Interpretation:** The interpretation involves understanding the provisions of the Insolvency and

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

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Union Bank of…
- **Respondents:** RAA International…

## Timeline

- **2019-11-08 — Admission in…**: Corporate Debtor, RAA International…
- **2019-11-25 — Public Annou…**: Public announcement was made in…

## 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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