# In the matter of Ganga Foundations Private Limited IA-(IBC)-80-CHE-2023 in IBA-870-2020

> NCLT judgment dated 2023-03-15. Citation: TCN-2023-NCLT-04233. The application IA/(IBC)/80/CHE/2023 was filed in IBA/870/2020 under Section 33(1)(a) of the…

- **Court:** NCLT
- **Order date:** 15 Mar 2023
- **Citation:** TCN-2023-NCLT-04233
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ganga-foundations-private-limited-ia-ibc-80-che-2023-in-iba-870-2020-9821bbe1

## Summary

### Background

The application IA/(IBC)/80/CHE/2023 was filed in IBA/870/2020 under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, concerning Ganga Foundations Private Limited. The CIRP was initiated on 2022-01-10, with Ms. Kavitha Surana initially appointed as the IRP. Subsequently, Ms. J.Karthiga was appointed as RP on 2022-10-28. The applicant sought liquidation of the Corporate Debtor. The CoC had a combined vote share of 81.15% and communicated their consent and approval for the applicant to be appointed as the Liquidator.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Ganga Foundations Private Limited was initiated on 2022-01-10. Ms. Kavitha Surana was initially appointed as the Interim Resolution Professional (IRP) and later Ms. J.Karthiga was appointed as the Resolution Professional (RP) on 2022-10-28. The application for liquidation was filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. There was a delay of 41 days in filing the application. The Committee of Creditors (CoC) with a combined vote share of 81.15% approved the liquidation. The initially nominated liquidator, Ms. J.Karthiga, had her AFA put on hold due to an IBBI investigation. State Bank of India (SBI), holding 74.54% vote share, recommended Mr. Mahalingam Suresh Kumar as the liquidator. The

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## Issues and analysis

### Issue 1: Whether the delay of 41 days in filing the …

**Ratio:** The court has the discretion to condone delays in filing applications based on the

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**Reasoning:** The court considered the submissions of the Learned Counsel for the applicant and was

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**Interpretation:** The court interpreted its power to condone delays liberally, considering the

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**Application:** The court applied its discretion to condone the 41-day delay, allowing the

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## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Appellants:** J.Karthiga,…
- **Respondents:** Ganga Foundations…

## Timeline

- **2022-01-10 — Initiation…**: The Corporate Insolvency Resolution Process (CIRP) of Ganga Foundations Private Limited…
- **2022-01-10 — Appointment…**: Ms. Kavitha Surana was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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