# In the matter of Scope Properties Private Limited IA-319 & 320-IB-2020 in CP-1055-IB-2018

> NCLT judgment dated 2021-01-27. Citation: TCN-2021-NCLT-03211. The case involves IA/319/IB/2020 and IA/320/IB/2020 filed in CP/1055/IB/2018 concerning M/s.…

- **Court:** NCLT
- **Order date:** 27 Jan 2021
- **Citation:** TCN-2021-NCLT-03211
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/scope-properties-private-limited-ia-319-320-ib-2020-in-cp-1055-ib-2018-aecd1691

## Summary

### Background

The case involves IA/319/IB/2020 and IA/320/IB/2020 filed in CP/1055/IB/2018 concerning M/s. Scope Properties Private Limited under the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on 27.03.2019, and Mr. Pankaj Srivastava was appointed as IRP. The IRP made a public announcement for claims from creditors. The Committee of Creditors (CoC) was formed on 17.04.2019, and its first meeting was on 26.04.2019. The erstwhile management appealed to NCLAT, but the CIRP continued. The NCLAT ordered a stay on the Tribunal's order of 27.03.2019. The 2nd CoC meeting was held on 27.05.2019, where the applicant was appointed as Resolution Professional. Two IBBI Registered Valuers were appointed to value the assets. The Applicant/RP filed an application against the

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## Facts

The Corporate Debtor, M/s. Scope Properties Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated on 27.03.2019. Mr. Pankaj Srivastava was initially appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement for creditors to submit their claims. A Committee of Creditors (CoC) was constituted on 17.04.2019. The erstwhile management of the Corporate Debtor filed an appeal before the NCLAT. The NCLAT ordered a stay on the Tribunal's order dated 27.03.2019. The 2nd CoC meeting was held on 27.05.2019, and the applicant was appointed as the Resolution Professional (RP). The RP appointed two IBBI Registered Valuers for asset valuation on 22nd and 24th May 2019. The RP filed an application against the management for

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## Issues and analysis

### Issue 1: Whether the application filed for condoning the delay of 82 days in filing of the Liquidation …

**Ratio:** The ratio is based on the principle that delays can be condoned if there are sufficient

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**Reasoning:** The court reasoned that the delay was due to the liquidation application being kept in

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**Interpretation:** The interpretation involves understanding the circumstances that led to the

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**Application:** The court applied the ratio to the facts by considering the settlement talks

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Respondents:** M/s. Scope…
- **Advocates:** Shri. Anant…; T. Poornim…

## Timeline

- **2019-03-27 — CIRP Init…**: CIRP of the Corporate…
- **2019-04-17 — CoC Form…**: Committee of Creditors…

## 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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