# In the matter of Salasar Exim Limited

> NCLT judgment dated 2024-03-07. Citation: TCN-2024-NCLT-02150. The document pertains to proceedings before the National Company Law Tribunal (NCLT), Kolkata…

- **Court:** NCLT
- **Order date:** 7 Mar 2024
- **Citation:** TCN-2024-NCLT-02150
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/salasar-exim-limited-cc8a5b65

## Summary

### Background

The document pertains to proceedings before the National Company Law Tribunal (NCLT), Kolkata Bench, involving Surya International vs. Salasar Exim Limited. Several Interlocutory Applications (IAs) are listed, including IA(I.B.C)/21(KB)2024, IA(I.B.C)/2087(KB)2023, IA(I.B.C)/1571(KB)2023, IA(I.B.C)/1576(KB)2023, and IA(IBC)(LIQ.)/8(KB)2024. IA(I.B.C)/2087(KB)2023 involves a request from a Senior Intelligence Officer, Directorate General of Goods and Service Tax Intelligence, Guwahati Zonal Unit, to lift the moratorium, alleging collusion between the Operational Creditor and the Corporate Debtor.

## Facts

Surya International is involved in a case against Salasar Exim Limited under the IBC (Insolvency and Bankruptcy Code) Section 9. Several IAs are being heard, including one (IA(I.B.C)/2087(KB)2023) filed by a Senior Intelligence Officer from the Directorate General of Goods and Service Tax Intelligence, Guwahati Zonal Unit. This application seeks the lifting of the moratorium, alleging collusion between the Operational Creditor and the Corporate Debtor, suggesting an attempt to gain undue benefit from the moratorium. The CIRP extension was sought in IA(I.B.C)/21(KB)2024, which expired on 07.01.2024. The Operational Creditor has not appeared in the matter, prompting the court to grant a final opportunity for appearance.

## Issues and analysis

### Issue 1: Whether the moratorium should be lifted based on allegations of collusion between the Operational …

**Ratio:** The principle of maintaining the integrity of the insolvency process and preventing abuse

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**Reasoning:** The court is considering the application by the Directorate General of Goods and Service

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**Interpretation:** The moratorium is intended to protect the corporate debtor during the CIRP, but

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**Application:** The court directed the applicant to serve notice to the Operational Creditor,

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Surya Internationa…
- **Respondents:** Salasar Exim…

## Timeline

- **2024-03-07 — Hearing…**: Hearing held on 07th…
- **2024-04-18 — Next Hearin…**: Several IAs listed for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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