# In the matter of Excel Glasses Limited

> NCLT judgment dated 2024-08-14. Citation: TCN-2024-NCLT-00795. The case pertains to an application filed by the liquidator of Excel Glasses Limited under…

- **Court:** NCLT
- **Order date:** 14 Aug 2024
- **Citation:** TCN-2024-NCLT-00795
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/excel-glasses-limited-9fc58d57

## Summary

### Background

The case pertains to an application filed by the liquidator of Excel Glasses Limited under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016. The liquidator sought permission to sell the Corporate Debtor (Excel Glasses Limited) as a going concern, in accordance with Regulation 32A of the Liquidation Process Regulations, 2016, and as per the E-Auction process Memorandum approved by the SCC (Stakeholders Consultation Committee). The Insolvency Resolution Process of the Corporate Debtor was initiated on March 26, 2019, by the NCLT Chennai Bench. During the CIRP, the Committee of Creditors decided to liquidate the Corporate Debtor due to the absence of a resolution plan. An application was filed under Section

…

## Facts

The Corporate Debtor, Excel Glasses Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT Chennai Bench on March 26, 2019, due to a petition filed under IBA/258/CB/2019. Boon Investment and Trading Company Private Limited was the Financial Creditor. As no resolution plan was received, the Committee of Creditors (CoC) unanimously resolved to liquidate the Corporate Debtor during their 4th meeting on August 21, 2019. Consequently, the Tribunal ordered liquidation on October 21, 2019, and appointed a liquidator. The liquidator made a public announcement on October 24, 2019, and received claims from employees/workmen and other creditors. The Corporate Debtor had six blocks of assets, which were available for liquidation. The liquidator

…

## Issues and analysis

### Issue 1: Whether this Interlocutory Application is maintainable after the expiry of 90 days of liquidation …

**Ratio:** Section 60(5)(c) empowers the Adjudicating Authority to grant necessary reliefs even

…

**Reasoning:** The court considered the facts and circumstances of the case along with Regulation 32 and

…

**Interpretation:** The court interpreted Section 60(5)(c) of the IBC to mean that the Adjudicating

…

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

…

## Parties

- **Judges:** TMT. Justice T…; SHRI. RAVICHANDRAN…
- **Appellants:** Ravindra Chaturved…
- **Respondents:** Excel Glasses…; Boon Investment…

## Timeline

- **2019-03-26 — Insolvency Resolution…**: NCLT Chennai Bench admitted the Insolvency…
- **2019-08-21 — CoC Decision to…**: The Committee of Creditors unanimously agreed and resolved to liquidate the Corporate…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/excel-glasses-limited-9fc58d57