# 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-01864. The document contains orders from the National Company Law Tribunal (NCLT), Mumbai Bench,…

- **Court:** NCLT
- **Order date:** 20 Feb 2020
- **Citation:** TCN-2020-NCLT-01864
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tulsi-extrusions-ltd-ma-25493635-3576-2019-in-cp-ib-3171mb-2018-6f972a06

## 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 payment of CIRP expenses by Allahabad Bank to the Resolution Professional (RP). MA-3576/2019 is an application by the RP for the liquidation of Tulsi Extrusions Ltd. MA-2549/2019 involves Darshan Constructions seeking condonation of delay in filing its claim.

## Facts

Tulsi Extrusions Ltd. was undergoing CIRP. Punjab National Bank initiated the CIRP under Section 7 of the IBC. The RP filed MA-3635/2019 seeking payment of CIRP expenses from Allahabad Bank, a member of the CoC. Allahabad Bank delayed the payment of these expenses. The RP also filed MA-3576/2019 seeking liquidation of Tulsi Extrusions Ltd. because the CIRP ended without a resolution plan. Darshan Constructions filed MA-2549/2019 seeking condonation of delay in filing its claim. The CoC voted for liquidation with 99.98% vote share. The CIRP period expired on 24.09.2019 without a resolution plan.

## Issues and analysis

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

**Ratio:** A member of the CoC is obligated to pay its

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**Reasoning:** The NCLT found that Allahabad Bank's delay in paying CIRP expenses was unjustified,

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**Interpretation:** The interpretation is that financial creditors who are part of the CoC have a

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**Application:** The ratio and reasoning were applied to the facts of MA-3635/2019, where

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## Parties

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

## Timeline

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

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