# In the matter of Saturn Rings & Forgings Pvt. Ltd. CP (IB)-408(MB)-2019

> NCLT judgment dated 2019-04-16. Citation: TCN-2019-NCLT-03854. The case pertains to CP (IB)-408(MB)/2019 before the Mumbai Bench of the National Company Law…

- **Court:** NCLT
- **Order date:** 16 Apr 2019
- **Citation:** TCN-2019-NCLT-03854
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/saturn-rings-forgings-pvt-ltd-cp-ib-408mb-2019-586391d0

## Summary

### Background

The case pertains to CP (IB)-408(MB)/2019 before the Mumbai Bench of the National Company Law Tribunal (NCLT). The matter involves Bank of India as the applicant and Saturn Rings & Forgings Pvt. Ltd. as the corporate debtor. The case is related to Section 7 of the Insolvency and Bankruptcy Code, 2016.

## Facts

Bank of India initiated insolvency proceedings against Saturn Rings & Forgings Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner (Bank of India) filed an affidavit of service confirming that the corporate debtor was served the court notice on 2019-04-04. The corporate debtor's counsel requested additional time to file Vakalatnama, Board Resolution, and Reply. This request was granted by the NCLT, with a deadline of seven days for filing the documents, and a subsequent seven-day period for filing a rejoinder, if any. The case was then listed for further hearing on 2019-05-08.

## Issues and analysis

### Issue 1: Whether the corporate debtor should be granted additional time to file Vakalatnama, Board …

**Ratio:** A court has the discretion to grant reasonable time for parties to file necessary

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**Reasoning:** The court considered the request of the counsel representing the corporate debtor for

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**Interpretation:** The interpretation is that the court is acting within its procedural powers to

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**Application:** The court applied this principle by allowing the corporate debtor's counsel's

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## Parties

- **Judges:** V. P. S…; Ravikumar…; +1 more
- **Appellants:** Bank of…
- **Respondents:** Saturn Rings &…

## Timeline

- **2019-03-31 — Earlier…**: Reference to an earlier…
- **2019-04-04 — Service of…**: Court notice served on…

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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/saturn-rings-forgings-pvt-ltd-cp-ib-408mb-2019-586391d0