# 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-01722. The application IA(IBC)/697(CHE)/2022 was filed by the liquidator under Section 35(1)(n) of the…

- **Court:** NCLT
- **Order date:** 14 Jul 2022
- **Citation:** TCN-2022-NCLT-01722
- **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-2017-4e5534da

## Summary

### Background

The application IA(IBC)/697(CHE)/2022 was 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. The liquidation of the Corporate Debtor was ordered on 21.12.2018, and the applicant was appointed as the liquidator. The applicant had previously applied for and been granted extensions, with the last date for completion of the liquidation process being fixed on 21.06.2022. The process was not complete, leading to the current application filed on 14.06.2022.

## Facts

The liquidator of M/s. Everon Castings Private Limited filed an application seeking an extension of time to continue the liquidation process. The liquidation process was initiated on 21.12.2018. Previous extensions were granted, with the last date for completion being 21.06.2022. The process was not completed by this date, leading to the current application filed on 14.06.2022. Certain applications related to the Corporate Debtor were pending before the tribunal. The sale of assets of the Corporate Debtor has been completed, and the proceeds have been distributed. An appeal is pending before the NCLAT regarding the sale of the asset of the Corporate Debtor. The applicant seeks an extension only for the recovery of receivables.

## Issues and analysis

### Issue 1: Whether an extension of time should be granted to the liquidator to continue the liquidation …

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

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**Reasoning:** The tribunal considered the pending applications related to the Corporate Debtor, the

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**Interpretation:** Section 35(1)(n) of the Insolvency and Bankruptcy Code, 2016, read with

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**Application:** The tribunal applied the ratio to the facts of the case, considering the

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## Parties

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

## Timeline

- **2018-12-21 — Liquidation…**: Tribunal ordered the…
- **2021-09-29 — Extension G…**: Tribunal granted an…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35(1) — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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