# In the matter of Tulsi Extrusions Ltd. MA 2549,3635 & 3576-2019 in C.P. (IB)-3171(MB)-2018

> NCLT judgment dated 2020-02-20. Citation: TCN-2020-NCLT-01871. The document contains orders from the National Company Law Tribunal (NCLT), Mumbai Bench,…

- **Court:** NCLT
- **Order date:** 20 Feb 2020
- **Citation:** TCN-2020-NCLT-01871
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tulsi-extrusions-ltd-ma-25493635-3576-2019-in-cp-ib-3171mb-2018-5e4fb244

## Summary

### Background

The document contains orders from the National Company Law Tribunal (NCLT), Mumbai Bench, regarding applications filed in connection with the Corporate Insolvency Resolution Process (CIRP) of Tulsi Extrusions Ltd. MA-3635/2019 concerns the Resolution Professional's request for payment of CIRP expenses by Allahabad Bank, a financial creditor. MA-3576/2019 is an application by the Resolution Professional for liquidation of Tulsi Extrusions Ltd. MA-2549/2019 involves Darshan Constructions seeking condonation of delay in filing its claim.

## Facts

Tulsi Extrusions Ltd. underwent CIRP initiated by Punjab National Bank under Section 7 of the IBC. The Resolution Professional (RP) filed MA-3635/2019 seeking payment of CIRP expenses from Allahabad Bank, a financial creditor, who had delayed payment despite repeated requests. The RP also filed MA-3576/2019 seeking liquidation due to the failure of the CIRP to produce a resolution plan, despite multiple invitations for Expression of Interest. Darshan Constructions filed MA-2549/2019 seeking condonation of a two-day delay in filing its claim. The Corporate Debtor was placed under CIRP vide order dated 20.12.2018. The CIRP ended on 24.09.2019 without any resolution plan.

## Issues and analysis

### Issue 1: Whether Allahabad Bank was justified in …

**Ratio:** A financial creditor is obligated

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**Reasoning:** The NCLT found no reasonable explanation for Allahabad Bank's delay in paying its share

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**Interpretation:** The interpretation is that financial creditors are required to contribute to

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**Application:** The NCLT applied this principle to the facts, finding Allahabad Bank's delay

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## Parties

- **Judges:** SHRI. RAJASEKHAR…; Ravikumar…; +1 more
- **Appellants:** Punjab National…
- **Respondents:** Tulsi Extrusions…

## Timeline

- **2018-12-20 — CIRP Init…**: Corporate Debtor was…
- **2019-01-29 — First CoC M…**: IRP was appoint…

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