# In the matter of Shri Lakshmi Cotsyn Limited IA No. 230 of 2020 in CP (IB) No. 142-ALD-2018

> NCLT judgment dated 2020-10-15. Citation: TCN-2020-NCLT-00389. The case involves an application filed by Astronomical Logistics Park Private Limited seeking…

- **Court:** NCLT
- **Order date:** 15 Oct 2020
- **Citation:** TCN-2020-NCLT-00389
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shri-lakshmi-cotsyn-limited-ia-no-230-of-2020-in-cp-ib-no-142-ald-2018-11b8ce11

## Summary

### Background

The case involves an application filed by Astronomical Logistics Park Private Limited seeking an extension of time to formulate a scheme of arrangement for Sri Lakshmi Cotsyn Limited, which is undergoing liquidation. The Adjudicating Authority had previously passed a liquidation order against Sri Lakshmi Cotsyn Ltd. due to the absence of a resolution plan. Astronomical Logistics Park is interested in taking over the facilities of Sri Lakshmi Cotsyn and engaged Systematix Corporate Service Ltd. to evaluate the company. The applicant contends that Regulation 2-B of the IBBI (Liquidation Process) Regulation, 2016 allows for a scheme of compromise for arrangement to be proposed and completed within 90 days of the liquidation order. The liquidator states that the

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## Facts

Astronomical Logistics Park Private Limited filed an application seeking an extension of time to formulate a scheme of arrangement for Sri Lakshmi Cotsyn Limited, which is undergoing liquidation. The Adjudicating Authority had previously passed a liquidation order against Sri Lakshmi Cotsyn Ltd. due to the absence of a resolution plan. Astronomical Logistics Park is interested in taking over the facilities of Sri Lakshmi Cotsyn and engaged Systematix Corporate Service Ltd. to evaluate the company. The applicant contends that Regulation 2-B of the IBBI (Liquidation Process) Regulation, 2016 allows for a scheme of compromise for arrangement to be proposed and completed within 90 days of the liquidation order. The liquidator states that the liquidation is a time-bound

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can extend the time for considering a scheme of arrangement …

**Ratio:** The primary focus of the legislation is to ensure revival and continuance of the

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**Reasoning:** The Adjudicating Authority considered the provisions of Section 230 & 232 of the

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**Interpretation:** Section 230 of the Companies Act, 2013 allows for a compromise or arrangement

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

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** Astronomical…
- **Respondents:** Lakshmi Cotsyn…

## Timeline

- **2020-07-01 — Liquidation…**: Adjudicating Authority passed the liquidation order against the corporate debtor Sri…
- **2020-10-15 — Order Del…**: Adjudicating Authority allowed IA No. 230/2020 and extended the time for considering and…

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