# In the matter of Exclusive Overseas Pvt. Ltd. IA-3768 & 3833-2020, IA-5538, 5599 & 5600-2021 , IA-5963-2022 in (IB)-1106(ND)18

> NCLT judgment dated 2022-12-20. Citation: TCN-2022-NCLT-00102. The case involves multiple Interlocutory Applications (IAs) filed in the National Company Law…

- **Court:** NCLT
- **Order date:** 20 Dec 2022
- **Citation:** TCN-2022-NCLT-00102
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/exclusive-overseas-pvt-ltd-ia-3768-3833-2020-ia-5538-5599-5600-2021-ia-5963-2022-0d173ef4

## Summary

### Background

The case involves multiple Interlocutory Applications (IAs) filed in the National Company Law Tribunal (NCLT), New Delhi Bench, related to the insolvency resolution process under the Insolvency and Bankruptcy Code (IBC), 2016. IA-3833/2020 concerns the approval of a liquidator after the resolution plan was not approved by the Committee of Creditors. IA-5963/2022 involves a condonation of delay sought by EPFO. IA-3768/2020 seeks direction to Ms. Meenu Agarwal to pay Rs. 6 lac with interest, which the RP claims belongs to the Corporate Debtor. IA-5538/2021, IA-5599/2021, and IA-5600/2021 relate to replies filed by the respondents that were not on record.

## Facts

M/s. Panipat Texo Fabs Pvt. Ltd. is the applicant/petitioner. M/s. Exclusive Overseas Pvt. Ltd. is the respondent. A resolution plan submitted by PRAs, Mr. Ajay Singh and Mr. Sanjeev Kumar Jain, was not approved by the Committee of Creditors. The period of limitation prescribed in Section 12 of IBC, 2016 has expired. EPFO filed an application (IA-5963/2022) seeking condonation of delay in filing their claim by 45 days. The Corporate Debtor (CD) has already gone into liquidation. The RP filed an application (IA-3768/2020) seeking direction to Ms. Meenu Agarwal to pay Rs. 6 lac with interest, claiming the amount belongs to the CD. The amount in question was disbursed to the legal heirs of Mr. Rajiv Agarwal, the Suspended Board of Director of CD, as per the order of the

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## Issues and analysis

### Issue 1: Whether the appointment of a liquidator should be approved given the failure of the resolution plan …

**Ratio:** When no resolution plan is approved within the timelines prescribed under Section 12 of

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**Reasoning:** The court reasoned that since no resolution plan had come forward within the prescribed

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**Interpretation:** Section 12 of the IBC sets a timeline for the completion of the insolvency

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**Application:** Since the resolution plan submitted by PRAs was not approved and the limitation

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## Parties

- **Judges:** Sh. Ashok Kumar…; SHRI. L. N.…
- **Appellants:** M/s. Panipat Texo…
- **Respondents:** M/s. Exclusive…
- **Advocates:** Shivanath M…

## Timeline

- **2022-12-20 — Order Del…**: The order was delivered…
- **2022-09-04 — Submission of…**: No further Resolution Plan was…

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