# In the matter of Jaipur Metals & Electricals Limited

> NCLT judgment dated 2023-11-22. Citation: TCN-2023-NCLT-00644. The application IA (IBC) No. 533/JPR/2023 was filed by the Resolution Professional of Jaipur…

- **Court:** NCLT
- **Order date:** 22 Nov 2023
- **Citation:** TCN-2023-NCLT-00644
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jaipur-metals-electricals-limited-2d147c74

## Summary

### Background

The application IA (IBC) No. 533/JPR/2023 was filed by the Resolution Professional of Jaipur Metals & Electricals Ltd. under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking exclusion of a time period of 182 days (20.03.2023 to 18.09.2023) from the Corporate Insolvency Resolution Process of the Corporate Debtor. The CIRP of the Corporate Debtor had commenced vide order dated 13.04.2018 passed by the Principal Bench, New Delhi, pursuant to an application filed under Section 7 of the Code by the Financial Creditor, Alchemist Asset Reconstruction Company Limited. An application was also filed by the Applicant under Section 19(2) and 19(3) of the Code seeking directions against the management of the Corporate Debtor to extend co-operation and

…

## Facts

The Resolution Professional of Jaipur Metals & Electricals Ltd. filed an application seeking exclusion of 182 days (20.03.2023 to 18.09.2023) from the CIRP of the Corporate Debtor. The CIRP had commenced on 13.04.2018 based on an application under Section 7 by Alchemist Asset Reconstruction Company Limited. An application under Section 19(2) and 19(3) is pending, seeking directions for the management of the Corporate Debtor to cooperate and handover assets. The applicant's main ground for seeking exclusion is the non-handover of assets. Previous exclusions were granted for 137 days (18.02.2022 to 06.07.2022) and 257 days (07.07.2022 to 20.03.2023).

## Issues and analysis

### Issue 1: Whether the exclusion of the time period from 20.03.2023 to 18.09.2023 should be granted from the …

**Ratio:** The court considered the pendency of the Section 19 application, which seeks directions

…

**Reasoning:** The Tribunal reasoned that considering the circumstances and the pendency of the Section

…

**Interpretation:** The interpretation involves considering the provisions of the IBC related to

…

**Application:** The ratio and reasoning were applied to the specific facts of the case, where

…

## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Aruna S…
- **Respondents:** Jaipur Metals &…; Jaipur Metals &…

## Timeline

- **2018-04-13 — CIRP Commen…**: CIRP of the Corporate Debtor commenced vide order passed by the Principal Bench, New…
- **2022-02-18 — Previous Exclusion…**: Tribunal granted exclusion of 137…

## 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/jaipur-metals-electricals-limited-2d147c74