# In the matter of Shree Ambika Sugars Limited CA (CAA)-11(CHE)-2023 in IBA-1017-2019

> NCLT judgment dated 2023-04-13. Citation: TCN-2023-NCLT-03802. The case pertains to a Company Application filed by the Liquidator of Shree Ambika Sugars…

- **Court:** NCLT
- **Order date:** 13 Apr 2023
- **Citation:** TCN-2023-NCLT-03802
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-ambika-sugars-limited-ca-caa-11che-2023-in-iba-1017-2019-688ebc2e

## Summary

### Background

The case pertains to a Company Application filed by the Liquidator of Shree Ambika Sugars Limited, the Corporate Debtor, under sections 230 to 232 and 66 of the Companies Act, 2013, read with the Insolvency and Bankruptcy Code, 2016, and related regulations. The Corporate Insolvency Resolution Process (CIRP) was initiated on 18.12.2019. Subsequently, the Adjudicating Authority ordered the liquidation of the Corporate Debtor on 20.06.2022 and appointed the Applicant as the Liquidator. The Liquidator issued an invitation for a Scheme of Compromise, receiving Expressions of Interest from three bidders, including SNJ Distillers (P) Ltd. The Stakeholders Consultation Committee (SCC) was duly constituted. The application seeks dispensation of meeting contemplated under

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## Facts

The Liquidator of Shree Ambika Sugars Limited filed a Company Application under sections 230 to 232 and 66 of the Companies Act, 2013, read with the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on 18.12.2019, and liquidation was ordered on 20.06.2022. The Liquidator invited a Scheme of Compromise, receiving EoIs from three bidders, including SNJ Distillers (P) Ltd. The SCC was constituted. The application seeks dispensation of meeting contemplated under Sections 230 – 232 of the Companies Act, 2013. The application was filed beyond the prescribed time, but the court considered it based on Supreme Court and NCLAT decisions. The stakeholders are agreeable to the proposed scheme. The Liquidator is directed to constitute a Stakeholders Committee and publish

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## Issues and analysis

### Issue 1: Whether the application filed by the Liquidator can be considered despite being beyond the time …

**Ratio:** The timeline prescribed under Regulation 2B of IBBI (Liquidation Process) Regulation,

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**Reasoning:** The court relied on the Hon'ble Supreme Court decision in Pioneer Urban Land Infra Ltd

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**Interpretation:** The interpretation is that the timeline for filing the application under

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**Application:** The court applied this ratio to the present case, considering the application

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## Parties

- **Judges:** SANJIV…; SAMEER…
- **Appellants:** Anurag…
- **Respondents:** Shree Ambika…
- **Advocates:** Mr.Anant Me…

## Timeline

- **2019-12-18 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) was initiated in respect of the Corporate…
- **2022-06-20 — Liquidation…**: The Adjudicating Authority ordered the Liquidation of the Corporate Debtor and appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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