# In the matter of Shirt Company (India) Pvt. Limited

> NCLT judgment dated 2023-06-30. Citation: TCN-2023-NCLT-02738. The application was filed by the liquidator of Shirt Company (India) Private Limited, seeking…

- **Court:** NCLT
- **Order date:** 30 Jun 2023
- **Citation:** TCN-2023-NCLT-02738
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shirt-company-india-pvt-limited-e902e969

## Summary

### Background

The application was filed by the liquidator of Shirt Company (India) Private Limited, seeking several reliefs under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 44(2) of the IBBI (Liquidation Process) Regulations, 2016. The reliefs sought include allowing the present application, condoning a delay of 13 days in filing the application, and granting a further period of one year from December 22, 2022, to complete the liquidation process of the Corporate Debtor.

## Facts

An application was filed by Anuj Bajpai, the liquidator of Shirt Company (India) Private Limited, seeking an extension of time to complete the liquidation process. The Corporate Insolvency Resolution Process (CIRP) was initiated against Shirt Company (India) Pvt. Limited, and subsequently, a liquidation order was passed on 22.12.2021. The liquidator has conducted 15 e-auction processes, with some properties already sold. The liquidator requested a one-year extension from 22.12.2022 to complete the liquidation process, as one immovable property remains to be sold in addition to other immovable properties. The application also sought condonation of a 13-day delay in filing. The liquidation was initiated by the Tribunal's order dated 22.12.2021.

## Issues and analysis

### Issue 1: Whether the Tribunal should allow the …

**Ratio:** Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 44(2) of the

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**Reasoning:** The Tribunal considered the facts and circumstances presented in the application,

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**Interpretation:** The Tribunal interprets Section 60(5) and Rule 44(2) to allow for the granting

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**Application:** The Tribunal applied the provisions of Section 60(5) and Rule 44(2) to the

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## Parties

- **Judges:** Kuldip Kumar…; Prabhat…
- **Appellants:** Anuj Ba…
- **Respondents:** Shirt Company…; Himgiri Te…
- **Advocates:** Rahul Ga…; Nikita Abh…; +2 more

## Timeline

- **2020-02-26 — Admission of Company…**: The Tribunal admitted Company Petition no. 2434/MB/2019, initiating the Corporate…
- **2021-12-22 — Liquidation…**: The Tribunal passed an order for the liquidation of the Corporate Debtor and appointed…

## 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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