# In the matter of Pier One Constructions Private Limited

> NCLT judgment dated 2023-09-26. Citation: TCN-2023-NCLT-01475. The case involves an application (I.A/4765/2020) filed in the matter of the Corporate…

- **Court:** NCLT
- **Order date:** 26 Sept 2023
- **Citation:** TCN-2023-NCLT-01475
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pier-one-constructions-private-limited-771307a8

## Summary

### Background

The case involves an application (I.A/4765/2020) filed in the matter of the Corporate Insolvency Resolution Process (CIRP) of M/s Pier One Construction Private Limited, the Corporate Debtor. The application was filed by the Liquidator, Mr. Sandeep Goel, seeking several reliefs, including the extension of the liquidation process, directions to the respondents to hand over security interests, and payment of CIRP costs. The CIRP was initiated based on a petition filed by the Operational Creditor, M/s. Variscon Engineering Services Private Limited. The Applicant, initially appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP), faced issues regarding the approval and payment of his fees. Standard Chartered Bank (Respondent No.

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## Facts

M/s. Variscon Engineering Services Private Limited initiated CIRP against M/s. Pier One Construction Private Limited. Mr. Sandeep Goel was appointed as IRP and later as RP. Standard Chartered Bank was the sole member of the CoC. Disputes arose regarding the RP's fees. The Adjudicating Authority ordered the liquidation of the Corporate Debtor and appointed Mr. Goel as the liquidator. Standard Chartered Bank assigned its debts to ARCIL. The liquidator filed an application seeking an extension of the liquidation process, directions to hand over security interests, and payment of CIRP costs. The applicant claimed unpaid CIRP and liquidation costs of Rs. 37,26,053. The applicant contended that the RP fees were fixed at Rs. 2,00,000 per month. The CoC never ratified the RP

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## Issues and analysis

### Issue 1: Whether the period of the Liquidation Process should be extended as per Regulation 44 of the …

**Ratio:** Regulation 44 of the Liquidation Process Regulations, 2016, governs the extension of the

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**Reasoning:** The Tribunal noted that the liquidation period had already been extended for a period of

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**Interpretation:** The interpretation of Regulation 44 involves determining whether further

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**Application:** Since the liquidation period had already been extended, the Tribunal did not

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## Parties

- **Judges:** SHRI. BACHU…; SHRI. RAHUL…
- **Appellants:** Sandeep…
- **Respondents:** M/S. PIER ONE…; Standard Chartered…
- **Advocates:** Abhishek…; Mr.P.B.A.…

## Timeline

- **2016-01-01 — C.P. (IB) No. 532(PB)…**: Operational Creditor M/s. Variscon Engineering Services Private Limited filed C.P. (IB)…
- **2017-11-21 — Petition ad…**: Adjudicating Authority admitted the captioned…

## 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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