# In the matter of M. N. Horological Industries Pvt. Ltd.

> NCLT judgment dated 2022-10-27. Citation: TCN-2022-NCLT-00604. The case pertains to IA/1060(CHE)2022 filed in CP/1441/IB/2018 by the Liquidator seeking an…

- **Court:** NCLT
- **Order date:** 27 Oct 2022
- **Citation:** TCN-2022-NCLT-00604
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/m-n-horological-industries-pvt-ltd-17fca5ec

## Summary

### Background

The case pertains to IA/1060(CHE)2022 filed in CP/1441/IB/2018 by the Liquidator seeking an extension of the liquidation period for MN Horological Industries Pvt Ltd. The liquidation period had expired on 2022-10-01, and the auction of the inventory was yet to be conducted. Appeals under Section 42 of the Code were also pending disposal.

## Facts

The main petition number is CP/1441/IB/2018. IA/1060(CHE)2022 was filed by the Liquidator. The Liquidator sought an extension of six months for the liquidation period under Regulation 44(2) of Liquidation Regulation. The liquidation period expired on 2022-10-01. The auction of the inventory is yet to be conducted. Appeals have been filed under Section 42 of the Code, which are yet to be disposed of. The court extended the liquidation period by four months from 2022-10-02.

## Issues and analysis

### Issue 1: Whether the extension of the liquidation period should be granted to allow for the completion of …

**Ratio:** Regulation 44(2) of the Liquidation Regulation allows for the extension of the

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**Reasoning:** The court reasoned that the auction of the inventory was yet to be conducted and appeals

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**Interpretation:** Regulation 44(2) is interpreted to allow for extensions of the liquidation

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**Application:** The court applied the ratio of Regulation 44(2) to the facts of the case,

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## Parties

- **Judges:** DEEPTI M…; SAMEER…
- **Respondents:** MN Horological…

## Timeline

- **2018-01-01 — Main Petitio…**: CP/1441/IB/2018 was…
- **2022-10-01 — Liquidation Period…**: The initial liquidation…

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