# In the matter of MBS Impex Pvt. Ltd.

> NCLT judgment dated 2024-03-13. Citation: TCN-2024-NCLT-02067. The case involves CP (IB) No. 407/7/HDB/2019 and IA (IBC) 568 & 567/2024 in CP (IB) No.…

- **Court:** NCLT
- **Order date:** 13 Mar 2024
- **Citation:** TCN-2024-NCLT-02067
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mbs-impex-pvt-ltd-7b218698

## Summary

### Background

The case involves CP (IB) No. 407/7/HDB/2019 and IA (IBC) 568 & 567/2024 in CP (IB) No. 407/7/HDB/2019. The corporate debtor is MBS Impex Pvt Ltd, and the financial creditor is ICICI Bank Ltd. The tribunal is hearing applications related to the liquidation process.

## Facts

The case involves ICICI Bank Ltd as the financial creditor and MBS Impex Pvt Ltd as the corporate debtor. Two Interlocutory Applications (IAs) are being considered: IA (IBC) 567/2024 and IA (IBC) 568/2024. IA (IBC) 567/2024 concerns taking the 8th progress report on record. IA (IBC) 568/2024 seeks a 6-month extension of the liquidation period, citing an order dated 08.09.2023. The lenders have challenged the assets before the NCLAT, but no stay has been granted. The liquidator has already delayed the process. The tribunal extended the liquidation period by three months effective from 01.03.2024.

## Issues and analysis

### Issue 1: Whether the 8th progress …

**Ratio:** The tribunal has the power to take reports on record to monitor the progress of the

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**Reasoning:** The tribunal found no reason to reject the application to take the 8th progress report on

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**Interpretation:** The taking of a progress report on record is a procedural step in the

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**Application:** The tribunal applied the ratio to the specific facts and allowed the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Respondents:** MBS Impex P…

## Timeline

- **2023-09-08 — Tribunal…**: Tribunal directed the liquidator…
- **2024-03-01 — Effective Date of…**: Liquidation period extended by three…

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