# In the matter of T.K. Engineering Consortium Pvt. Ltd. CP (IB) No. 16-GB-2019

> NCLT judgment dated 2019-06-21. Citation: TCN-2019-NCLT-02822. The case involves a petition filed by Swastik Petrochem, the Operational Creditor, against M/s.…

- **Court:** NCLT
- **Order date:** 21 Jun 2019
- **Citation:** TCN-2019-NCLT-02822
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tk-engineering-consortium-pvt-ltd-cp-ib-no-16-gb-2019-c1da7eaf

## Summary

### Background

The case involves a petition filed by Swastik Petrochem, the Operational Creditor, against M/s. T.K. Engineering Consortium Pvt. Ltd., the Corporate Debtor, under Section 8 & 9 of the Insolvency & Bankruptcy Code, 2016. The Corporate Debtor's representative, a Chartered Accountant, has not filed a reply affidavit. The Corporate Debtor has submitted a reschedule proposal to the Operational Creditor, which is pending acceptance.

## Facts

Swastik Petrochem, the Operational Creditor, initiated proceedings against M/s. T.K. Engineering Consortium Pvt. Ltd., the Corporate Debtor, under Section 8 & 9 of the Insolvency & Bankruptcy Code, 2016. The Corporate Debtor's representative, a Chartered Accountant, failed to file a reply affidavit. The Corporate Debtor submitted a reschedule proposal to the Operational Creditor, which is currently pending acceptance. The court considered the failure to file a reply affidavit despite the pending reschedule proposal. The court granted a final opportunity to the Corporate Debtor to file the reply affidavit within seven days, with a subsequent direction for the Operational Creditor to file a rejoinder if the affidavit is filed.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be granted further time to file a reply affidavit, considering …

**Ratio:** The court has the discretion to grant or deny further time based on the circumstances and

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**Reasoning:** The court reasoned that while a reschedule proposal might be under consideration, it does

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**Interpretation:** The interpretation is that the court balances the need for fairness and the

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**Application:** The court granted one final opportunity to file the reply affidavit, indicating

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## Parties

- **Judges:** Jinan…
- **Appellants:** Swastik Pet…
- **Respondents:** M/s. T.K.…

## Timeline

- **2019-06-21 — Order Del…**: Order delivered on 21st…
- **2019-07-18 — Hearing…**: Case listed for hearing…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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