# In the matter of SAB Global Entertainment Media Private Limited IA 1917-2020 in CP (IB) 2731-MB-2019

> NCLT judgment dated 2022-12-09. Citation: TCN-2022-NCLT-00191. The Interlocutory Application (IA 1917/2020) was filed by Mr. Mukesh Verma, the Resolution…

- **Court:** NCLT
- **Order date:** 9 Dec 2022
- **Citation:** TCN-2022-NCLT-00191
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sab-global-entertainment-media-private-limited-ia-1917-2020-in-cp-ib-2731-mb-201-e12ddba4

## Summary

### Background

The Interlocutory Application (IA 1917/2020) was filed by Mr. Mukesh Verma, the Resolution Professional, seeking orders under Section 33 of the Insolvency and Bankruptcy Code, 2016. The application was filed in relation to Corporate Insolvency Resolution Process (CIRP) initiated by Punjab National Bank against Sab Global Entertainment Media Private Limited. The CIRP was initiated following an order dated 5th November 2019. The application sought reliefs including exclusion of the lockdown period, liquidation of the Corporate Debtor, payment of CIRP costs, approval to file Avoidance Transactions Report, and other reliefs deemed fit by the Tribunal.

## Facts

Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code to initiate Corporate Insolvency Resolution Process (CIRP) against Sab Global Entertainment Media Private Limited. The application was admitted on 5th November 2019, and Mr. Mukesh Verma was appointed as the Interim Resolution Professional. Public announcement was made on 13th November 2019, inviting claims from creditors. The Resolution Professional received claims from two financial creditors: Punjab National Bank and Union Bank of India. The first meeting of the Committee of Creditors (CoC) was held on 9th December 2019, where the Interim Resolution Professional was confirmed as Resolution Professional. The CoC resolved to bear the insolvency resolution costs due to the

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## Issues and analysis

### Issue 1: Whether the exclusion of the lockdown period from 25th March 2020 to 31st October 2020 due to the …

**Ratio:** The Tribunal considered the impact of the COVID-19 pandemic and the resulting lockdown on

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**Reasoning:** The Tribunal reasoned that the lockdown in Mumbai, where the Corporate Debtor's

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**Interpretation:** The interpretation is that force majeure events like a pandemic can warrant the

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**Application:** The Tribunal applied this principle by granting the exclusion of 221 days from

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Mukesh…
- **Respondents:** SAB Global…

## Timeline

- **2019-11-05 — CIRP Init…**: Application under Section 7 of IBC admitted; Mr. Mukesh Verma appointed as Interim…
- **2019-11-13 — Public Annou…**: Public announcement made to…

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