# In the matter of Shri Veerganapathi Steels Private Limited MA-308-2019 in CP-229-IB-CB-2018

> NCLT judgment dated 2019-04-12. Citation: TCN-2019-NCLT-03932. The case involves MA/308/2019 in CP/229/IB/CB/2018 filed under Section 33 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 12 Apr 2019
- **Citation:** TCN-2019-NCLT-03932
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shri-veerganapathi-steels-private-limited-ma-308-2019-in-cp-229-ib-cb-2018-5a91797a

## Summary

### Background

The case involves MA/308/2019 in CP/229/IB/CB/2018 filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, concerning M/s. Shri Veerganapathi Steels Private Limited. The Corporate Debtor was undergoing Corporate Insolvency Resolution Process (CIRP) since 26.04.2018. Originally, CP/229/(IB)/CB/2018 was filed by M/s. Bank of India (Financial Creditor) under Section 7 of the I&B Code, 2016, to initiate CIRP. The Adjudicating Authority admitted the application on 26.04.2018, initiated CIRP, declared moratorium, and appointed Ms. Kavitha Surana as Interim Resolution Professional (IRP). The IRP took over the management of the Corporate Debtor and invited claims from creditors. The Committee of Creditors (CoC) appointed the Applicant as Resolution Professional

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## Facts

M/s. Shri Veerganapathi Steels Private Limited, a company engaged in the business of manufacturing and dealing in steel products, underwent Corporate Insolvency Resolution Process (CIRP) starting from 26.04.2018. The CIRP was initiated by M/s. Bank of India, a Financial Creditor, under Section 7 of the I&B Code, 2016. Ms. Kavitha Surana was initially appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. The Resolution Professional received claims amounting to Rs.24,87,96,577/- from the secured Financial Creditor and Rs.1,46,04,382/- from the Operational Creditor. The Committee of Creditors (CoC) decided to extend the CIRP period. An application was filed for exclusion of 85 days from the CIRP period, but it was not

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## Issues and analysis

### Issue 1: Whether the delay of 10 days in filing the …

**Ratio:** The Adjudicating Authority has the discretion to condone delays in filing applications

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**Reasoning:** The court considered the reasons provided by the Resolution Professional for the delay

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**Interpretation:** The interpretation involves the court's power to overlook minor procedural

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**Application:** The court applied its discretion to condone the 10-day delay, allowing the

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** Kavitha S…
- **Respondents:** M/s. Shri…

## Timeline

- **2018-04-26 — Admission of Application…**: The Adjudicating Authority admitted the application filed by Bank of India, initiated the…
- **2018-04-26 — Appointment…**: Ms. Kavitha Surana was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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