# In the matter of Arambagh Hatcheries Limited

> NCLT judgment dated 2024-04-04. Citation: TCN-2024-NCLT-01829. The case involves an application (IA (IB) No. 267/ (KB)/2024) in CP No. 1536/(KB)/2019 filed…

- **Court:** NCLT
- **Order date:** 4 Apr 2024
- **Citation:** TCN-2024-NCLT-01829
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/arambagh-hatcheries-limited-dea1521b

## Summary

### Background

The case involves an application (IA (IB) No. 267/ (KB)/2024) in CP No. 1536/(KB)/2019 filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The applicant, Abinandan Holdings Private Limited, sought certain reliefs related to the Corporate Debtor, Arambagh Hatcheries Limited, which is undergoing Corporate Insolvency Resolution Process (CIRP). The Committee of Creditors (CoC) resisted the applicant's prayer, stating it was belated and filed beyond the statutory period under the IBC. The Resolution Professional (RP) also resisted the prayer. The applicant claimed it intended to revive the Corporate Debtor and had submitted an Expression of Interest (EOI). The CoC had already

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## Facts

Phoenix ARC Private Limited is the Financial Creditor. Arambagh Hatcheries Limited is the Corporate Debtor. Abinandan Holdings Private Limited filed an application under Section 60(5) of the IBC seeking certain reliefs. The Committee of Creditors (CoC) resisted the application, arguing it was belated. The CoC, with 99.77% voting share, unanimously decided to resolve and liquidate the Corporate Debtor. The CIRP period had expired, and no compliant resolution plan was received. The RP filed an application for liquidation of the Corporate Debtor. The applicant, Abinandan Holdings Private Limited, submitted a letter seeking to submit its expression of interest for initiating CIRP of the corporate Debtor. The applicant claimed to have tendered an EMD of Rs. 15,00,000/-. The

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## Issues and analysis

### Issue 1: Whether the applicant should be granted an extension of time to submit its Expression of Interest …

**Ratio:** The commercial wisdom of the Committee of Creditors (CoC) is paramount, and the

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**Reasoning:** The Tribunal found no reason to allow the applicant an extension of time to submit its

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**Interpretation:** The decision emphasizes the importance of respecting the commercial wisdom of

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**Application:** In this case, the applicant's request for an extension of time to submit its

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** Abinandan…
- **Respondents:** Arambagh Hatcherie…; Pinaki Sircar, RP…

## Timeline

- **2022-05-13 — CIRP Init…**: The application filed by the Financial Creditor stood admitted with the CIRP having stood…
- **2022-07-25 — First Form G Pu…**: First Form G published…

## 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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