# In the matter of Rathna Stores Private Limited IA-186(CHE) 2021 in CP-608-IB-CB-2017

> NCLT judgment dated 2021-05-05. Citation: TCN-2021-NCLT-02195. The case pertains to IA/186(CHE)/2021 filed in CP/608/IB/CB/2017 under Rule 11 and 15 of the…

- **Court:** NCLT
- **Order date:** 5 May 2021
- **Citation:** TCN-2021-NCLT-02195
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rathna-stores-private-limited-ia-186che-2021-in-cp-608-ib-cb-2017-df50d5b4

## Summary

### Background

The case pertains to IA/186(CHE)/2021 filed in CP/608/IB/CB/2017 under Rule 11 and 15 of the NCLT Rules, 2016, by the Liquidator of M/s. Rathna Stores Private Limited, seeking an extension of the liquidation period. The initial liquidation period was set to expire on 17.02.2020. The Adjudicating Authority had appointed the Petitioner as Liquidator on 11.09.2018.

## Facts

M/s. Rathna Stores Private Limited is undergoing liquidation. The initial liquidation period was expiring on 17.02.2020. Mr. V. Venkata Sivakumar is the Liquidator, appointed by the Adjudicating Authority on 11.09.2018. The Liquidator filed IA/186(CHE)/2021 seeking an extension of the liquidation period. There are no assets available for sale in the liquidation estate, and financial statements are unavailable. No returns were filed before RoC or Income Tax since 2013. The Liquidator has submitted financial transaction records to the Tribunal and IBBI. A petition for diversion of stock amounting to Rs.79 crore is pending before the Tribunal vide MA/217/2019 and MA/435/2019. The Stakeholders Consultation Committee decided to wait for the outcome of the Tribunal's order

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## Issues and analysis

### Issue 1: Whether the liquidation period of M/s. Rathna …

**Ratio:** The decision to extend the liquidation period rests on the Adjudicating Authority's

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**Reasoning:** The Adjudicating Authority considered the Liquidator's submissions, the status of assets

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**Interpretation:** The legal issue involves interpreting the provisions of the Insolvency and

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

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** V. Venkata…
- **Respondents:** M/s. Rathna…

## Timeline

- **2017-01-01 — CP/608/IB/CB/2…**: The initial Corporate Insolvency…
- **2018-09-11 — Liquidator Ap…**: Mr. V. Venkata Sivakumar was appointed as the…

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