# In the matter of Pinky Shipyard Pvt. Ltd. IA 283,295,989,1600 & 2624-2021 In C.P. (IB)-1634(MB)-2017

> NCLT judgment dated 2022-02-22. Citation: TCN-2022-NCLT-04013. The document pertains to several Interlocutory Applications (IAs) filed in a corporate…

- **Court:** NCLT
- **Order date:** 22 Feb 2022
- **Citation:** TCN-2022-NCLT-04013
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pinky-shipyard-pvt-ltd-ia-2832959891600-2624-2021-in-cp-ib-1634mb-2017-0b8725b4

## Summary

### Background

The document pertains to several Interlocutory Applications (IAs) filed in a corporate insolvency resolution process before the National Company Law Tribunal (NCLT), Mumbai Bench. These IAs include IA 283/2021, IA 295/2021, IA 989/2021, IA 1600/2021, and IA 2624/2021, all within the context of C.P. (IB)-1634(MB)/2017. The applications involve directions sought by the liquidator, addressing issues such as refund of amounts, amendment of party memos, serving of notices, and defreezing of bank accounts of the corporate debtor.

## Facts

The case involves multiple IAs related to a corporate insolvency resolution process. IA 283/2021 was filed by the liquidator seeking directions for respondents to refund Rs. 6,50,000, of which Rs. 3,76,916 had already been refunded. The respondents failed to file a reply despite being granted an opportunity. IA 295/2021 involved directions against multiple respondents, with the counsel for respondents 1 and 2 stating they had merged into Union Bank of India. IA 989/2021 concerned the serving of copies to respondents. IA 2624/2021 sought to defreeze the bank accounts of the corporate debtor in liquidation. IA 1600/2021 became infructuous due to the order passed in IA 2624/2021. The liquidator is seeking directions under Section 74(2) of the Insolvency and Bankruptcy

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## Issues and analysis

### Issue 1: Whether the respondents in IA 283/2021 should be directed to refund the outstanding amount to the …

**Ratio:** The principle of ensuring compliance with the Insolvency and Bankruptcy Code and

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**Reasoning:** The court noted that the respondents had been given an opportunity to file a reply but

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**Interpretation:** The legal issue involves the interpretation of Section 74(2) of the Insolvency

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**Application:** The court applied the ratio to the facts by directing the respondents to remit

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## Parties

- **Judges:** Shyam Babu…; P.N. Des…
- **Respondents:** Pinky Shipyard…; Rukhsar A…

## Timeline

- **2022-02-22 — Order Da…**: Order sheet of the hearing of Mumbai Bench…
- **2021-10-21 — Last Opportunit…**: Last opportunity was granted to the Respondents to file their reply on record within a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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