# In the matter of Kiran Global Chem Private Limited

> NCLT judgment dated 2023-10-13. Citation: TCN-2023-NCLT-01227. The case involves an application filed under Section 12 read with 60(5) of the Insolvency &…

- **Court:** NCLT
- **Order date:** 13 Oct 2023
- **Citation:** TCN-2023-NCLT-01227
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kiran-global-chem-private-limited-b97079a1

## Summary

### Background

The case involves an application filed under Section 12 read with 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking the exclusion of 480 days (29.03.2022 to 21.07.2023) from the Corporate Insolvency Resolution Process (CIRP) period of Kiran Global Chem Limited. The CIRP was initiated on 27.04.2021. The application is based on the argument that these days were lost due to legal proceedings. The CoC approved the exclusion with 99.08% approval in its 13th meeting on 11.09.2023.

## Facts

The Corporate Debtor, Kiran Global Chem Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on 27.04.2021. The Committee of Creditors (CoC) includes ARCIL (51.73%), Axis Bank Ltd. (22.74%), LIC Housing Finance Co. Ltd. (22.93%), Karur Vysya Bank Ltd. (1.68%), and Sundaram Finance (0.92%). An application was filed seeking exclusion of the COVID-19 period and an extension of 90 days, which was allowed on 15.11.2021, extending the CIRP period to 15.04.2022. The suspended director filed an application seeking an extension for submitting a resolution plan, which was allowed on 22.12.2021. The Resolution Professional determined that the Corporate Debtor did not fall under the MSME category. The suspended director challenged this determination, but the

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## Issues and analysis

### Issue 1: Whether the application for exclusion of 480 days (29.03.2022 to 21.07.2023) from the Corporate …

**Ratio:** The ratio is based on the principle that delays caused by legal proceedings that were

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**Reasoning:** The court reasoned that the delay from 29.03.2022 to 21.07.2023 was due to the

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**Interpretation:** The interpretation involves understanding the impact of NCLAT orders on the

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**Application:** The ratio and reasoning were applied to the specific facts, considering the

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## Parties

- **Judges:** SANJIV…; RAVICHANDRAN…
- **Appellants:** Tharuvai Ramachand…
- **Respondents:** Kiran Global Chem…

## Timeline

- **2021-04-27 — CIRP Init…**: Corporate Debtor admitted into Corporate…
- **2021-11-15 — Exclusion of COVID-19…**: Application for exclusion of COVID-19…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12 — Time-limit for completion of insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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