# In the matter of Rotomac Exports Private Limited IA No. 93 of 2021 in CP No.71-ALD-2017

> NCLT judgment dated 2021-07-02. Citation: TCN-2021-NCLT-01864. The case involves an application filed by the liquidator of Rotomac Exports Private Limited,…

- **Court:** NCLT
- **Order date:** 2 Jul 2021
- **Citation:** TCN-2021-NCLT-01864
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rotomac-exports-private-limited-ia-no-93-of-2021-in-cp-no71-ald-2017-922250a8

## Summary

### Background

The case involves an application filed by the liquidator of Rotomac Exports Private Limited, seeking an extension of the liquidation period. The Corporate Insolvency Resolution Process (CIRP) was initiated against Rotomac Exports Private Limited, and the applicant was appointed as the Interim Resolution Professional and later as the Resolution Professional. Due to the resolution of the Corporate Debtor not being achieved, a Liquidation Order was passed. The CBI seized the books of accounts, files, and documents of the Corporate Debtor in relation to an FIR, hindering the liquidator's ability to identify new assets or transactions. The applicant conducted auctions for the sale of the assets. The applicant filed applications before the Tribunal, which were pending and

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Rotomac Exports Private Limited. Anil Goel was appointed as the Interim Resolution Professional and later as the Resolution Professional. The resolution of the Corporate Debtor could not be achieved, leading to a Liquidation Order being passed on 2018-03-23. The CBI seized the books of accounts, files, and documents of the Corporate Debtor in relation to an FIR dated 2018-02-18, hindering the liquidator's ability to identify new assets or transactions. The liquidator conducted six auctions for the sale of the assets. The liquidator filed applications before the Tribunal, which were pending. The liquidator sought an extension of the liquidation period by one year beyond 2020-03-23. The COVID-19

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should grant an extension of the liquidation period for Rotomac …

**Ratio:** Regulation 44(2) of the Insolvency and Bankruptcy Board of India (Liquidation Process)

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**Reasoning:** The court reasoned that the liquidator faced difficulties in completing the liquidation

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**Interpretation:** Regulation 44(2) provides a mechanism for extending the liquidation period when

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**Application:** The court applied Regulation 44(2) to the facts of the case, considering the

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** Anil…
- **Respondents:** ROTOMAC EXPORTS…

## Timeline

- **2017-01-01 — Commencement…**: Corporate Insolvency Resolution Process commenced against Rotomac Exports Private Limited…
- **2017-09-20 — Appointment…**: Anil Goel appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35(1) — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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