# In the matter of KSM Spinning Mills Ltd. IA Nos. 366-2020 & IA 890,,892,1141/2022 & MA No. 4-2022 & 1556-2022 In CP (IB) No. 250-Chd-Pb-2018

> NCLT judgment dated 2022-12-01. Citation: TCN-2022-NCLT-00275. The National Company Law Tribunal, Chandigarh Bench, is hearing several IA applications…

- **Court:** NCLT
- **Order date:** 1 Dec 2022
- **Citation:** TCN-2022-NCLT-00275
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ksm-spinning-mills-ltd-ia-nos-366-2020-ia-89089211412022-ma-no-4-2022-1556-2022-02389b3f

## Summary

### Background

The National Company Law Tribunal, Chandigarh Bench, is hearing several IA applications (366/2020, 890/2022, 892/2022, 1141/2022, MA 4/2022 & 1556/2022) in relation to CP (IB) No. 250/Chd/Pb/2018, an admitted matter. The case involves Central Bank of India as the Financial Creditor and KSM Spinning Mills Ltd. as the Corporate Debtor. The applications are being heard through web-based video conferencing.

## Facts

Central Bank of India initiated a Corporate Insolvency Resolution Process (CIRP) against KSM Spinning Mills Ltd. under CP (IB) No. 250/Chd/Pb/2018, which was admitted. Several Interlocutory Applications (IAs) are being heard, including IA Nos. 366/2020, 890/2022, 892/2022, 1141/2022, MA No. 4/2022, and IA No. 1556/2022. The court is addressing issues related to the exchange of information between the parties, including the sending and receiving of emails, and the filing of necessary documents. A Forensic Auditor is involved and has been directed to appear for clarifications. The applications are being heard through video conferencing. The matter is being heard under Sections 22(2), 30(6), 31, 60(5), 66, 67 read with 68, 69, 70, 72, 219 of the Insolvency and Bankruptcy

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## Issues and analysis

### Issue 1: Whether the applicant in IA No. 366/2020 should provide a short gist of the allegations with …

**Ratio:** The court has the power to direct parties to provide necessary information and documents

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**Reasoning:** The court directed the applicant's counsel to provide a gist of allegations with

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**Interpretation:** This direction ensures that the court and the opposing party are fully aware of

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**Application:** The applicant's counsel is required to comply with the court's direction and

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Respondents:** KSM Spinning…
- **Advocates:** Harsh…; Pulkit…; +5 more

## Timeline

- **2018-01-01 — CP (IB) No. 250/Chd/Pb/2…**: Corporate Insolvency Resolution…
- **2022-11-18 — Previous Ord…**: Reference to a previous order date for…

## 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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