# In the matter of Topworth Urja & Metals Limited IA No. 1005 of 2020 in CP (IB) No. 1807-MB-2018

> NCLT judgment dated 2020-08-10. Citation: TCN-2020-NCLT-00870. Bank of Baroda, as the Financial Creditor, initiated a Company Petition (CP No. 1807 of 2018…

- **Court:** NCLT
- **Order date:** 10 Aug 2020
- **Citation:** TCN-2020-NCLT-00870
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/topworth-urja-metals-limited-ia-no-1005-of-2020-in-cp-ib-no-1807-mb-2018-8c95e586

## Summary

### Background

Bank of Baroda, as the Financial Creditor, initiated a Company Petition (CP No. 1807 of 2018 (MB) of 2018) against Topworth Urja& Metal Ltd., the Corporate Debtor, seeking Corporate Insolvency Resolution Process (CIRP) due to a default in payment of a financial debt amounting to Rs. 218,14,20,222.95. The petition was reserved for orders on July 4, 2019, but could not be decided due to the reconstitution of the bench. The Secretary, Ministry of Corporate Affairs, Government of India, urged the Applicant Bank to identify pending insolvency matters involving large debts and move Application before the respective Adjudicating Authorities for hearing of those matters. The present application was filed on 05.05.2020 seeking an early hearing of the Company Petition.

## Facts

Bank of Baroda, the Financial Creditor, filed a Company Petition (CP No. 1807 of 2018) against Topworth Urja& Metal Ltd., the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The basis for the petition was the Corporate Debtor's default in payment of a financial debt amounting to Rs. 218,14,20,222.95. The petition was reserved for orders on July 4, 2019, but could not be decided due to the reconstitution of the bench. An application was filed on 05.05.2020 seeking an early hearing of the Company Petition. The Corporate Debtor requested an adjournment pending a resolution by acquisition. The court noted that the petition had been pending since July 4, 2019, and found no impediment to hearing the petition.

## Issues and analysis

### Issue 1: Whether the application for early hearing of …

**Ratio:** The court has the discretion to grant an early hearing of a petition if it is in the

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**Reasoning:** The court reasoned that the Company Petition had been pending since July 4, 2019, and

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**Interpretation:** The interpretation is that the court prioritizes timely resolution of

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**Application:** The court applied the ratio to the facts of the case and found that it was in

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## Parties

- **Judges:** Janab Mohammed…; RavikumarDu…
- **Appellants:** Bank of B…
- **Respondents:** Topworth Urja&…

## Timeline

- **2018-01-01 — Company Petiti…**: Bank of Baroda filed Company Petition (CP No. 1807 of 2018 (MB) of 2018) against Topworth…
- **2019-07-04 — Petition Reserved for…**: The Company Petition was reserved for orders but could not be decided due to…

## 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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