# In the matter of Everon Castings Private Limited IA(IBC)-697(CHE)-2022 in CP-666-IB-2017

> NCLT judgment dated 2022-07-14. Citation: TCN-2022-NCLT-01714. The case involves an application (IA(IBC)/697(CHE)/2022) filed by the Liquidator under Section…

- **Court:** NCLT
- **Order date:** 14 Jul 2022
- **Citation:** TCN-2022-NCLT-01714
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/everon-castings-private-limited-iaibc-697che-2022-in-cp-666-ib-2017-45643e9e

## Summary

### Background

The case involves an application (IA(IBC)/697(CHE)/2022) filed by the Liquidator under Section 35(1)(n) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 44(2) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, seeking an extension of time to continue the liquidation process of M/s. Everon Castings Private Limited. The liquidation process was initially ordered on 21.12.2018. The applicant had previously been granted an extension until 21.12.2021. Subsequently, another extension was granted until 21.06.2022. The liquidator states that the process is not complete and filed the application on 14.06.2022.

## Facts

The key facts are as follows: M/s. Everon Castings Private Limited is undergoing liquidation. The liquidation was ordered on 21.12.2018. N. Sivachalam is the liquidator. The liquidator filed an application (IA(IBC)/697(CHE)/2022) seeking an extension of time to complete the liquidation process. Previous extensions were granted, with the last date for completion being 21.06.2022. The liquidator states that the process is incomplete. The sale of assets has been completed, and proceeds distributed. An appeal is pending before the NCLAT regarding the disposal of an application by the erstwhile Board of Directors, which challenges the sale of assets. The application for extension was filed on 14.06.2022. The relevance of these facts lies in determining whether sufficient

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## Issues and analysis

### Issue 1: Whether the Tribunal should grant an extension of time to continue the liquidation process of M/s. …

**Ratio:** The Adjudicating Authority has the power to extend the liquidation period if it deems it

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**Reasoning:** The Tribunal reasoned that extending the liquidation period for a further six months was

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**Interpretation:** This legal issue involves the interpretation of Section 35(1)(n) of the

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**Application:** The Tribunal applied the ratio to the facts of the case, noting that the

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## Parties

- **Judges:** S. Ramath…; SAMEER…
- **Appellants:** N. Sivac…
- **Respondents:** Everon Castings…

## Timeline

- **2017-01-01 — CP/666/IB/201…**: Corporate Insolvency…
- **2018-12-21 — Liquidation…**: Tribunal orders liquidation…

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