# In the matter of Vidhya Pharmachem Private Limited I.A. NO. 421-MB-C-II-2021 In C.P (IB) No. 638-MB-C-II-2017

> NCLT judgment dated 2021-05-13. Citation: TCN-2021-NCLT-02150. The case involves an application for the extension of the liquidation process of the Corporate…

- **Court:** NCLT
- **Order date:** 13 May 2021
- **Citation:** TCN-2021-NCLT-02150
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vidhya-pharmachem-private-limited-ia-no-421-mb-c-ii-2021-in-cp-ib-no-638-mb-c-ii-00756964

## Summary

### Background

The case involves an application for the extension of the liquidation process of the Corporate Debtor, Vidhya Pharmachem Private Limited, under Regulation 44(2) of the IBBI (Liquidation Process) Regulations, 2016, read with Rule 11 of NCLT Rules, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 07.05.2018, and Mr. Vijay Pitamber Lulla was appointed as the Resolution Professional (RP) on 02.08.2018. As no resolution plan was received, the Corporate Debtor was taken into liquidation under Section 33 of the I&B Code, 2016, on 10.04.2019, with Mr. Vijay Pitamber Lulla appointed as the Liquidator. The Liquidator sought exclusion of the period lost due to the COVID-19 lockdown from 25.03.2020 to 31.12.2020 and an extension of the liquidation

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## Facts

The Corporate Insolvency Resolution Process (CIRP) for Vidhya Pharmachem Private Limited was initiated on 07.05.2018. Vijay Pitamber Lulla was appointed as the Resolution Professional (RP) on 02.08.2018. Since no resolution plan was received, an application was filed to take the Corporate Debtor into liquidation under Section 33 of the I&B Code, 2016. The application was allowed on 10.04.2019, and Vijay Pitamber Lulla was appointed as the Liquidator. The Liquidator issued a public announcement on 08.05.2019 to invite claims against the Corporate Debtor. Claims were received from two Financial Creditors, including Bank of Baroda, which held a charge on the tangible assets. One property in Ahmedabad was sold through e-auction. Remaining assets, including Plant and

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## Issues and analysis

### Issue 1: Whether the liquidation period for Vidhya Pharmachem Private Limited should be extended due to …

**Ratio:** Regulation 44(2) of the Insolvency and Bankruptcy Code, 2016, allows the Liquidator to

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**Reasoning:** The court considered the Liquidator's submissions regarding the difficulties in selling

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**Interpretation:** Regulation 44(2) provides a mechanism for extending the liquidation period when

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**Application:** The court applied Regulation 44(2) and the Supreme Court's directives to the

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## Parties

- **Judges:** RavikumarDu…; Harihar Prakash…
- **Appellants:** Vijay Pitamber…
- **Respondents:** Vidhya Pharmachem…
- **Advocates:** Jesal S…

## Timeline

- **2018-05-07 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated for Vidhya Pharmachem Private…
- **2018-08-02 — Appointment…**: Vijay Pitamber Lulla appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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