# In the matter of G K Dairy and Milk Products Private Limited

> NCLT judgment dated 2023-07-13. Citation: TCN-2023-NCLT-02529. The case involves an application (I.A./5926/ND/2022) filed by M/s. GK Dairy and Milk Products…

- **Court:** NCLT
- **Order date:** 13 Jul 2023
- **Citation:** TCN-2023-NCLT-02529
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/g-k-dairy-and-milk-products-private-limited-0bd38126

## Summary

### Background

The case involves an application (I.A./5926/ND/2022) filed by M/s. GK Dairy and Milk Products Private Limited ('Applicant') in relation to a Company Petition (IB)-421/ND/2021 filed by M/s. Kotak Mahindra Bank Limited ('Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Applicant, who is the Corporate Debtor. The Corporate Debtor filed the application seeking to bring additional documents on record.

## Facts

M/s. GK Dairy and Milk Products Private Limited ('Applicant'/'Corporate Debtor') is facing a Company Petition (IB)-421/ND/2021 filed by M/s. Kotak Mahindra Bank Limited ('Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The Corporate Debtor filed I.A./5926/ND/2022 to bring additional documents on record. The Corporate Debtor claimed that the Financial Creditor had permitted a 10% cut-back ('Tagging Arrangement') in the NPA account and that they had deposited Rs.50 Lacs upfront and set aside 18.5% of total credits between 31.03.2022 and 30.09.2022. The Financial Creditor argued that the Corporate Debtor is unable to serve the monthly interest payment, with outstanding dues of Rs.27.60 Crores as of 30.11.2022,

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be allowed to produce additional documents in the main Company …

**Ratio:** The court has the discretion to allow the production of additional documents if it serves

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**Reasoning:** The court observed that the Corporate Debtor's reply was filed in 2021, while the

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**Interpretation:** The court interpreted the rules of procedure to allow for the production of

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

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## Parties

- **Judges:** P.S.N. P…; BINOD KUMAR…
- **Respondents:** M/s. GK Dairy and…; M/s. Kotak…

## Timeline

- **2021-01-01 — Filing of Company…**: M/s. Kotak Mahindra Bank Limited filed Company Petition No. (IB)-421/ND/2021 against M/s.…
- **2021-10-23 — Reply by Corporate…**: M/s. GK Dairy and Milk Products Private Limited submitted its reply to the main Company…

## 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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