# In the matter of Devas Engineering Systems Private Limited

> NCLT judgment dated 2023-11-17. Citation: TCN-2023-NCLT-00725. The case involves an application for liquidation of Devas Engineering Systems Private Limited,…

- **Court:** NCLT
- **Order date:** 17 Nov 2023
- **Citation:** TCN-2023-NCLT-00725
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/devas-engineering-systems-private-limited-1888375b

## Summary

### Background

The case involves an application for liquidation of Devas Engineering Systems Private Limited, the Corporate Debtor, under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2022-09-09. The applicant, Mr. K. Sivalingam, was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The CIRP period was extended, but no resolution plan was received. The Committee of Creditors (CoC) ultimately decided to liquidate the Corporate Debtor.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for Devas Engineering Systems Private Limited was initiated on 2022-09-09. Mr. K. Sivalingam was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). An application was filed to extend the CIRP period for 90 days from 2023-03-13, and the order for extension was passed on 2023-06-26, after the initial 270-day CIRP period had expired. The Resolution Professional filed an application for liquidation of the Corporate Debtor. The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor due to the non-receipt of a resolution plan. The CoC recommended the appointment of SPP Insolvency Professionals LLP as the liquidator. The CoC also made recommendations

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## Issues and analysis

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

**Ratio:** The court has the discretion to condone delays in filing applications under the IBC,

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**Reasoning:** The court found the delay of 39 days in filing the liquidation application to be genuine,

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**Interpretation:** The interpretation of the law allows for condonation of delay if sufficient

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**Application:** The court applied this principle to the specific facts, finding the delay to be

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## Parties

- **Judges:** SANJIV…; RAVICHANDRAN…
- **Appellants:** K. Sival…
- **Respondents:** Devas Engineering…; Union Bank of…

## Timeline

- **2022-09-09 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated for Devas Engineering…
- **2022-09-09 — Order Da…**: Order passed admitting the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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