# In the matter of EMTA Coal Limited

> NCLT judgment dated 2024-04-16. Citation: TCN-2024-NCLT-01713. The case involves an application (IA (IB) No. 1577/ (KB) /2023) in a corporate insolvency…

- **Court:** NCLT
- **Order date:** 16 Apr 2024
- **Citation:** TCN-2024-NCLT-01713
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/emta-coal-limited-6b44de2b

## Summary

### Background

The case involves an application (IA (IB) No. 1577/ (KB) /2023) in a corporate insolvency resolution process (CP No. 634/(KB) /2020) before the National Company Law Tribunal (NCLT), Kolkata. The application was 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. Pheonix ARC Private Limited, acting as Trustee of Phoenix Trust FY 22-16, is the financial creditor, and EMTA Coal Limited is the corporate debtor. The application seeks leave to advance a supplementary argument.

## Facts

L&T Finance Limited is the original financial creditor. Pheonix ARC Private Limited, acting as Trustee of Phoenix Trust FY 22-16, is also a financial creditor. EMTA Coal Limited is the corporate debtor. An application, IA (IB) No. 1577/ (KB) /2023, was filed in CP No. 634/(KB) /2020 under Section 60(5) of the IBC, seeking leave to advance a supplementary argument in the ongoing insolvency proceedings. The application was filed in view of previous orders passed in IA (IB)504/KB/2022 & IA (IB)1371/KB/2023. The court heard the counsels for the parties.

## Issues and analysis

### Issue 1: Whether the application (IA (IB) No. 1577/ (KB) /2023) seeking leave to advance a supplementary …

**Ratio:** The court has the discretion to allow or disallow applications based on their relevance

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**Reasoning:** The court deemed the application inconsequential, implying that the supplementary

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**Interpretation:** The interpretation of Section 60(5) of the IBC allows the NCLT to manage the

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**Application:** The court applied its discretion to the specific facts of the case, considering

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Respondents:** EMTA COAL L…; Pheonix ARC…

## Timeline

- **2023-09-12 — Hearing…**: Date of previous hearing…
- **2024-04-16 — Order Pronou…**: Date of pronouncement of the order…

## 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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