# In the matter of VNR Infrastructures Ltd. IA No. 31-2021 in CP (IB) No. 12-10-HDB-2017

> NCLT judgment dated 2021-01-07. Citation: TCN-2021-NCLT-03366. The case involves an Interlocutory Application (IA No. 31/2021) filed by the Liquidator of M/s.…

- **Court:** NCLT
- **Order date:** 7 Jan 2021
- **Citation:** TCN-2021-NCLT-03366
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vnr-infrastructures-ltd-ia-no-31-2021-in-cp-ib-no-12-10-hdb-2017-87002d96

## Summary

### Background

The case involves an Interlocutory Application (IA No. 31/2021) filed by the Liquidator of M/s. V.N.R. Infrastructures Ltd. under Section 60 and Regulation 47A of the IBBI (Liquidation Process) Regulations, 2016. The liquidator sought directions to exclude the lockdown period between 21.03.2020 and 30.11.2020 from the liquidation period due to the COVID-19 pandemic. The corporate debtor's liquidation process was ongoing, and the liquidator had previously obtained an extension until 20.06.2020. The liquidator had also sold intangible assets of the corporate debtor and filed an application for confirmation of the sale.

## Facts

M/s. V.N.R. Infrastructures Ltd. is undergoing liquidation. The Liquidator, Mr. TSN Raja, filed IA No. 31/2021 seeking exclusion of the lockdown period (21.03.2020 to 30.11.2020) from the liquidation timeline due to the COVID-19 pandemic. The liquidator had taken control of the company as liquidator on 21.09.2017. The liquidator sold intangible assets of the Corporate Debtor. The liquidation period was previously extended until 20.06.2020. The Adjudicating Authority had allowed IA No.289/2020 vide order dated 20.03.2020, extending the liquidation period. The assets of the Corporate Debtor are mainly situated in the State of Telangana. The sale of WIP and furniture to M/s. Fortuna Engineering for Rs.12.43 Crores was subject to approval by the Adjudicating Authority. The

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## Issues and analysis

### Issue 1: Whether the lockdown period imposed due to the COVID-19 pandemic should be excluded from the …

**Ratio:** Regulation 47A of the IBBI (Liquidation Process) Regulations, 2016, allows for the

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**Reasoning:** The court reasoned that the COVID-19 pandemic and the subsequent lockdown significantly

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**Interpretation:** Regulation 47A is interpreted to provide relief to liquidators facing delays in

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**Application:** The court applied Regulation 47A to the facts of the case, noting that the

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## Parties

- **Judges:** Shri. K. Anantha…; BINOD KUMAR…
- **Respondents:** M/s. V.N.R.…

## Timeline

- **2017-09-21 — Liquidator Ap…**: M/s. VNR Infrastructure Ltd took…
- **2020-03-09 — Sale of A…**: Liquidator sold (WIP) and furniture to M/s.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/vnr-infrastructures-ltd-ia-no-31-2021-in-cp-ib-no-12-10-hdb-2017-87002d96