# In the matter of Krystal Stone Exports Ltd. I.A. NO. 522 OF 2020 in C.P.-IB-903-2019

> NCLT judgment dated 2023-06-21. Citation: TCN-2023-NCLT-02862. This case involves an Interlocutory Application (I.A. No. 522 of 2020) filed by Krystal Stone…

- **Court:** NCLT
- **Order date:** 21 Jun 2023
- **Citation:** TCN-2023-NCLT-02862
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/krystal-stone-exports-ltd-ia-no-522-of-2020-in-cp-ib-903-2019-a5ab2eea

## Summary

### Background

This case involves an Interlocutory Application (I.A. No. 522 of 2020) filed by Krystal Stone Exports Ltd., the corporate debtor, in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against them. The corporate debtor sought to set aside/recall the orders dated 24.09.2019, claiming that no notice of the main company petition was served on them. The corporate debtor stated they became aware of the proceedings on 11.01.2020 when a representative of the IRP visited their company in Jaipur. The Resolution Professional filed a detailed affidavit in reply, opposing the application, emphasizing previous litigation between the parties.

## Facts

Krystal Stone Exports Ltd. is the corporate debtor. Vijay P. Lulla is the respondent/financial creditor. An Interlocutory Application (I.A. No. 522 of 2020) was filed by the corporate debtor seeking to set aside the orders dated 24.09.2019. The corporate debtor claimed they were not served notice of the main company petition and only became aware of the proceedings on 11.01.2020. The Resolution Professional filed an affidavit in reply, opposing the application. The financial creditor served the notice by speed post and filed the service affidavit dated 25th June 2019. The Tribunal directed the Financial Creditor to serve the date of Intimation upon the Corporate Debtor by Publication in two leading newspapers, one in English and one in vernacular language. The

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## Issues and analysis

### Issue 1: Whether the Hon'ble National Company Law Tribunal can set aside/recall the orders dated 24.09.2019 …

**Ratio:** The tribunal's power to review its own orders is limited and must be exercised within the

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**Reasoning:** The tribunal considered the arguments presented by both sides and the material available

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**Interpretation:** The interpretation of the tribunal's power to review its own orders is that it

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**Application:** The tribunal applied the ratio to the facts of the case and concluded that it

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## Parties

- **Judges:** H.V. Subb…; Anu Jagmoha…
- **Respondents:** Krystal Stone…; Vijay P.…

## Timeline

- **2019-05-28 — Tribunal…**: Tribunal pleased to issue Notice of date of…
- **2019-06-25 — Service Aff…**: Financial Creditor filed the service…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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