# In the matter of Bohra Industries Limited

> NCLT judgment dated 2023-10-12. Citation: TCN-2023-NCLT-01276. The case involves an application for condonation of delay in implementing a resolution plan…

- **Court:** NCLT
- **Order date:** 12 Oct 2023
- **Citation:** TCN-2023-NCLT-01276
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bohra-industries-limited-adb359e7

## Summary

### Background

The case involves an application for condonation of delay in implementing a resolution plan approved by the Adjudicating Authority. The main petition was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by STCI Finance Limited, the Financial Creditor, against Bohra Industries Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was admitted, and Mr. Naresh Verma was appointed as the IRP and later confirmed as the RP. The Committee of Creditors (CoC) approved a resolution plan submitted by a consortium led by Shri Krishna Agarwal, which was approved by the Adjudicating Authority on 13.10.2021. The Adjudicating Authority directed the implementation of the Resolution Plan within 5 months. An extension of 60 days was granted

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## Facts

STCI Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against Bohra Industries Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP was admitted by the Adjudicating Authority on 07.08.2019. Naresh Verma was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A resolution plan submitted by a consortium led by Shri Krishna Agarwal was approved by the Committee of Creditors (CoC) and subsequently approved by the Adjudicating Authority on 13.10.2021. The Adjudicating Authority directed the implementation of the Resolution Plan within 5 months. An extension of 60 days was granted on 24.05.2022. Bohra Industries Limited allotted 1,00,00,000 equity shares of Rs. 10

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## Issues and analysis

### Issue 1: Whether the delay in implementing the …

**Ratio:** The court has the discretion to condone delays in implementing resolution plans,

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**Reasoning:** The court reasoned that the delay was technical in nature, as the Corporate Debtor had

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**Interpretation:** The interpretation of the law allows for condonation of delay when the delay is

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Deep Chandr…; ATUL CHAT…
- **Respondents:** Bohra Industries…; STCI Finance…

## Timeline

- **2019-08-07 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP)…
- **2020-10-06 — CoC Appr…**: The Committee of Creditors (CoC)…

## 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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