# In the matter of Parmeswarm Poultr Farm Pvt. Ltd. IA 516,876,877,1093,1180,1181 & 1182-2020 & IA(IBC) 575 & 587-2021 in CP (IB) No. 105-9-HDB-2019

> NCLT judgment dated 2022-03-24. Citation: TCN-2022-NCLT-03544. The case involves a company petition filed by Shiva Parvati Poultry Feed Private Ltd under…

- **Court:** NCLT
- **Order date:** 24 Mar 2022
- **Citation:** TCN-2022-NCLT-03544
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/parmeswarm-poultr-farm-pvt-ltd-ia-516876877109311801181-1182-2020-iaibc-575-587-11c93b3f

## Summary

### Background

The case involves a company petition filed by Shiva Parvati Poultry Feed Private Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Parameswara Poultry Farm Pvt Ltd. The Adjudicating Authority admitted the petition on 17.09.2019 and initiated the Corporate Insolvency Resolution Process (CIRP). An Interim Resolution Professional (IRP) was appointed, who continued as the Resolution Professional (RP). The CIRP period ended on 15.03.2020, and after extensions and exclusions, it concluded on 24.10.2020. The RP constituted a Committee of Creditors (CoC) with Andhra Bank (now Union Bank of India) as the sole member initially, later reconstituted with Union Bank of India and Binjusaria Solvents Private Limited. The RP invited Expression of Interest

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## Facts

Shiva Parvati Poultry Feed Private Ltd initiated a corporate insolvency resolution process (CIRP) against Parameswara Poultry Farm Pvt Ltd under Section 9 of the IBC, 2016. The petition was admitted on 17.09.2019. An Interim Resolution Professional (IRP) was appointed and continued as the Resolution Professional (RP). The CIRP period ended on 15.03.2020, extended, and concluded on 24.10.2020. The Committee of Creditors (CoC) was formed, initially with Andhra Bank (now Union Bank of India) as the sole member, later reconstituted with Union Bank of India and Binjusaria Solvents Private Limited. An Expression of Interest was invited but received no responses. A Section 12-A application for withdrawal of the CIRP was filed by the Operational Creditor, but Union Bank of

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## Issues and analysis

### Issue 1: Whether the delay of 20 days in filing the …

**Ratio:** The court has the discretion to condone

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**Reasoning:** The Resolution Professional requested condonation of the delay due to the Union Bank of

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**Interpretation:** The court interprets its power to condone delays in the context of the overall

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**Application:** The court condoned the 20-day delay, indicating that the reason provided was

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## Parties

- **Judges:** Venkata Ramakrishn…; Veera Brahma Rao…
- **Appellants:** Shiva Parvati…
- **Respondents:** Parameswara…; Parameswara…

## Timeline

- **2019-09-17 — Admission of Company…**: The Adjudicating Authority admitted the Company Petition filed by Shiva Parvati Poultry…
- **2020-03-15 — End of CIRP…**: The initial CIRP period of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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