# In the matter of Adept Technology Pvt. Ltd. CP-IB-1210-2018

> NCLT judgment dated 2022-06-16. Citation: TCN-2022-NCLT-02217. The case involves an application (IA/383/CHE/2022) filed by the Liquidator in CP/1210/IB/2018,…

- **Court:** NCLT
- **Order date:** 16 Jun 2022
- **Citation:** TCN-2022-NCLT-02217
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/adept-technology-pvt-ltd-cp-ib-1210-2018-89b8c089

## Summary

### Background

The case involves an application (IA/383/CHE/2022) filed by the Liquidator in CP/1210/IB/2018, seeking exclusion of 202 days from the liquidation period due to the COVID-19 pandemic lockdown. The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor, Adept Technology Private Limited, had commenced on 26.03.2019, and liquidation was ordered on 03.09.2019. The maximum time permitted for completion of liquidation was one year from the liquidation commencement date, i.e., 03.09.2020. An earlier application (IA/585(CHE)/2021) for exclusion and extension was allowed, extending the liquidation period to 23.03.2022.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Adept Technology Private Limited commenced on 26.03.2019. Liquidation was ordered on 03.09.2019. The maximum time for liquidation was one year from 03.09.2019, i.e., until 03.09.2020. The applicant was unable to complete the liquidation process due to the COVID-19 lockdown. An earlier application for exclusion and extension (IA/585(CHE)/2021) was allowed, extending the period to 23.03.2022. The Liquidator filed IA/383/CHE/2022 seeking exclusion of 202 days (up to 01.09.2022) due to the second wave of COVID-19. The Liquidator also filed IA/807/IB/2020, an avoidance transaction application, which is pending adjudication. IA/245(CHE)/2022, filed by the Liquidator against ICICI Bank, was withdrawn as the matter was

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## Issues and analysis

### Issue 1: Whether the exclusion of 202 days from the liquidation period, as sought by the Liquidator due to …

**Ratio:** Regulation 44(2) and 47A of the IBBI (Liquidation Process) Regulations 2016 allows for

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**Reasoning:** The court considered the submissions of the Liquidator and the impact of the COVID-19

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**Interpretation:** The interpretation of Regulation 44(2) and 47A allows for exclusion of time

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**Application:** The court applied the ratio to the facts of the case, considering the impact of

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## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Respondents:** Adept Technology…

## Timeline

- **2018-01-01 — Main Petitio…**: CP/IB/1210/201…
- **2019-03-26 — CIRP Commen…**: CIRP of Adept Technology…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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