# In the matter of Venus Rolling Mills Private Limited IA No. 1027 of 2020 in CP (IB) No. 350-MB-2019

> NCLT judgment dated 2020-08-07. Citation: TCN-2020-NCLT-00887. Turnaround Consultants Private Limited filed an application for acceptance of a Resolution Plan…

- **Court:** NCLT
- **Order date:** 7 Aug 2020
- **Citation:** TCN-2020-NCLT-00887
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/venus-rolling-mills-private-limited-ia-no-1027-of-2020-in-cp-ib-no-350-mb-2019-7160a4ee

## Summary

### Background

Turnaround Consultants Private Limited filed an application for acceptance of a Resolution Plan for Venus Rolling Mills Private Limited, which was undergoing Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on April 22, 2019, and Mr. Devendra Singh was appointed as the Interim Resolution Professional (IRP). The applicant, Turnaround Consultants, sought to submit an EOI and a Resolution Plan, but failed to do so within the stipulated time. The Resolution Professional and the Committee of Creditors (CoC) resolved to liquidate the Corporate Applicant due to the absence of a viable Resolution Plan. The applicant argued that the lockdown due to the Covid-19 pandemic prevented them from

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## Facts

Venus Rolling Mills Private Limited initiated CIRP under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application on April 22, 2019, and appointed Mr. Devendra Singh as the Interim Resolution Professional (IRP). The IRP made a public announcement on May 2, 2019, inviting claims from creditors. Turnaround Consultants Private Limited, a consulting company, sought to submit an Expression of Interest (EOI) and a Resolution Plan. The last date for submission of EOI was December 6, 2019, and for the Resolution Plan, it was December 30, 2019. Turnaround Consultants failed to submit either by these dates. The CIRP period was initially set to expire on October 18, 2019, but was extended by 60 days to January 16, 2020.

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## Issues and analysis

### Issue 1: Whether the Applicant has provided sufficient cause …

**Ratio:** The timeline provided under Section 12 of the Insolvency and Bankruptcy Code, 2016, for

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**Reasoning:** The court found that the applicant failed to provide a satisfactory reason for the delay

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**Interpretation:** Section 12 of the Insolvency and Bankruptcy Code, 2016, mandates strict

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**Application:** The applicant's delay in submitting the Resolution Plan was not justified, as

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## Parties

- **Judges:** Janab Mohammed…; RavikumarDu…
- **Appellants:** Turnaround…
- **Respondents:** Venus Rolling…

## Timeline

- **2019-04-22 — CIRP Init…**: The Adjudicating Authority admitted the application for CIRP and appointed Mr. Devendra…
- **2019-05-02 — Public Annou…**: The IRP made a public announcement…

## 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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