# In the matter of BS Limited

> NCLT judgment dated 2023-08-28. Citation: TCN-2023-NCLT-01887. The applicant company filed applications seeking to condone a delay of 184 days in approaching…

- **Court:** NCLT
- **Order date:** 28 Aug 2023
- **Citation:** TCN-2023-NCLT-01887
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bs-limited-a4451e70

## Summary

### Background

The applicant company filed applications seeking to condone a delay of 184 days in approaching the Tribunal. The delay was due to the exclusion of a period from 15.03.2020 to 28.02.2022, which was excluded suo moto in Writ Petition (C) No.3 of 2020. The petitioner, IFCI Limited, a government undertaking, had granted financial facilities to the Corporate Debtor for an extent of Rs.150 crores. An application was filed by State Bank of India under Section 7 of IBC, which was admitted. An Interim Resolution Professional was appointed and later confirmed as Resolution Professional by the Committee of Creditors. The petitioner submitted his claim, which was accepted by the Resolution Professional on 22.11.2018. The resolution plan was rejected by the CoC, and an order of

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## Facts

IFCI Limited, a government undertaking, had granted financial facilities of Rs. 150 crores to BS Ltd. State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted. An Interim Resolution Professional was appointed and later confirmed as Resolution Professional by the Committee of Creditors. The Petitioner submitted his claim in response to the Public Announcement and the same was accepted by the Resolution Professional on 22.11.2018 and he became a part of the CoC with voting share of 9.448%. Consequent upon rejection of the resolution plan by CoC, the order of liquidation was passed on 25.10.2019 and Liquidator was appointed. The Liquidator rejected the claim of the petitioner on 25.01.2021. The applicant

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## Issues and analysis

### Issue 1: Whether the Tribunal has the power to condone the delay in filing an appeal against the decision of …

**Ratio:** The ratio is that when there is a statutory command by the legislation as regards

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**Reasoning:** The Tribunal reasoned that Section 42 of the IBC provides a specific timeline of 14 days

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**Interpretation:** The interpretation is that the IBC is a self-contained code with specific

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**Application:** In this case, the applicant sought condonation of a 184-day delay in filing an

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## Parties

- **Judges:** TELAPROLU…; SH. CHARAN…
- **Appellants:** M/S. IFCI L…
- **Respondents:** BS L…; M/s.BS Li…; +1 more

## Timeline

- **2018-11-22 — Claim Acce…**: The Petitioner's claim was accepted…
- **2019-10-25 — Liquidation…**: Order of liquidation…

## 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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