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

> NCLT judgment dated 2023-07-28. Citation: TCN-2023-NCLT-02285. The case involves an application seeking an extension of time for the completion of the…

- **Court:** NCLT
- **Order date:** 28 Jul 2023
- **Citation:** TCN-2023-NCLT-02285
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/m-n-horological-industries-pvt-ltd-69acf9c4

## Summary

### Background

The case involves an application seeking an extension of time for the completion of the liquidation process of the Corporate Debtor, M N Horological Industries Pvt Ltd. The application, IA/1305(CHE)/2023, was filed in relation to the main petition CP/1441/IB/2018. The applicant/liquidator was represented by Ld. Counsel Mr. Saai Sudharsan Sathiyamoorthy through video conferencing.

## Facts

The Corporate Debtor is M N Horological Industries Pvt Ltd. An application, IA/1305(CHE)/2023, was filed seeking a 6-month extension for the liquidation process, from 02.08.2023 to 01.02.2024. The reasons for seeking the extension include the pending sale of the Corporate Debtor's inventory, valued at Rs. 5,68,393/-, and a pending appeal under Section 42 of the Code against the rejection of a claim before the NCLT. The original petition number is CP/1441/IB/2018.

## Issues and analysis

### Issue 1: Whether the liquidation period for M N Horological Industries Pvt Ltd should be extended by 6 …

**Ratio:** The ratio is based on the principle that extensions can be granted in liquidation

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**Reasoning:** The court reasoned that the pending sale of inventory of the Corporate Debtor, valued at

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**Interpretation:** The interpretation involves understanding the provisions related to liquidation

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

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## Parties

- **Judges:** SANJIV…; SAMEER…
- **Respondents:** MN Horological…

## Timeline

- **2023-07-28 — Hearing…**: Hearing held on 28.07.2023…
- **2023-08-02 — Original Liquidation…**: Original end date of the…

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