# In the matter of Hindusthan National Glass & Industries Limited I.A. (IB) No. 578 & 594-KB-2022 in C.P. (IB) No. 369-KB-2020

> NCLT judgment dated 2022-07-20. Citation: TCN-2022-NCLT-01634. The case involves two applications, I.A. (IB) No. 578/KB/2022 filed by Lotus One Investment…

- **Court:** NCLT
- **Order date:** 20 Jul 2022
- **Citation:** TCN-2022-NCLT-01634
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hindusthan-national-glass-industries-limited-ia-ib-no-578-594-kb-2022-in-cp-ib-n-a25e0910

## Summary

### Background

The case involves two applications, I.A. (IB) No. 578/KB/2022 filed by Lotus One Investment Pte. Limited seeking direction upon the Respondent No. 3 to accept the Expression of Interest (EoI) submitted by the Applicant and I.A.(IB) No. 594/KB/2022 filed by Mr. Girish Siriram Juneja, the Resolution Professional of Hindusthan National Glass & Industries Limited praying for extension of the Corporate Insolvency Resolution Process by a period of 90 days on completion of 180 days on 10 July 2022. The Corporate Debtor, Hindusthan National Glass & Industries Limited was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide order dated 21 October 2021 (amended on 22 October 2021) on a petition filed under section 7 of the Insolvency and Bankruptcy Code,

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## Facts

DBS Bank Limited initiated CIRP against Hindusthan National Glass & Industries Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced on 21 October 2021. Girish Sriram Juneja was appointed as the Resolution Professional. Lotus One Investment Pte. Limited, a Singapore-based company, expressed interest in submitting an Expression of Interest (EoI) but faced delays due to internal processes. The invitation for EoI was published on 25 March 2022, with a corrigendum on 23 April 2022. Lotus One Investment became aware of the CIRP on 9 May 2022 and submitted its EoI on 17 May 2022, which was rejected by the Resolution Professional on 20 May 2022. The CoC extended the EoI submission deadline to 9 May 2022. Lotus One Investment filed I.A.

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## Issues and analysis

### Issue 1: Whether the delay in submitting the Expression of Interest (EoI) by Lotus One Investment Pte. …

**Ratio:** The primary objective of the Insolvency and Bankruptcy Code (IBC) is the maximization of

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**Reasoning:** The court reasoned that rejecting the EoI based solely on the delay would be contrary to

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**Interpretation:** The court interpreted the IBC's objective of asset maximization as a guiding

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**Application:** The court applied this reasoning to the specific facts by condoning the delay

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** Lotus One…
- **Respondents:** Hindusthan…; DBS Bank L…

## Timeline

- **2021-10-21 — CIRP Commen…**: Corporate Debtor…
- **2022-03-25 — Invitation…**: Respondent No. 3…

## 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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