# In the matter of  Shree Ganesh EPC Private Limited

> NCLT judgment dated 2024-04-18. Citation: TCN-2024-NCLT-01671. The Liquidator of Shree Ganesh EPC Private Limited filed a Company Application under Sections…

- **Court:** NCLT
- **Order date:** 18 Apr 2024
- **Citation:** TCN-2024-NCLT-01671
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-ganesh-epc-private-limited-11d3f69d

## Summary

### Background

The Liquidator of Shree Ganesh EPC Private Limited filed a Company Application under Sections 230-232 of the Companies Act, 2013, seeking directions for convening meetings of creditors/stakeholders to consider a Scheme of Arrangement. The Corporate Debtor was undergoing liquidation, and the application was filed to facilitate the compromise and arrangement process.

## Facts

The Liquidator of Shree Ganesh EPC Private Limited, the Corporate Debtor, filed a Company Application under sections 230 -232 of the Companies Act, 2013, along with relevant provisions of the Insolvency and Bankruptcy Code, 2016, and associated regulations. The application sought permission to convene meetings of creditors and stakeholders to consider a Scheme of Arrangement. The Corporate Debtor's Corporate Insolvency Resolution Process (CIRP) was initiated on September 6, 2019, and subsequently, liquidation was ordered on January 17, 2022. Following the liquidation order, the Liquidator invited Schemes of Compromise on February 1, 2022, under Regulation 2B of IBBI (Liquidation Process) Regulation, 2016. The deadline for submission was initially February 21, 2022, and

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## Issues and analysis

### Issue 1: Whether the Company Application for a Scheme of Arrangement, filed beyond the prescribed timeline …

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

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**Reasoning:** The Tribunal referred to the Supreme Court decision in Pioneer Urban Land Infra Ltd &

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**Interpretation:** The court interpreted the timeline in Regulation 2B as a procedural guideline

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**Application:** Despite the application being filed beyond the specified date, the Tribunal

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…; +2 more
- **Appellants:** S. RAJE…; S. Rajendran…
- **Respondents:** Shree Ganesh EPC…; Shree Ganesh EPC…
- **Advocates:** For Appli…; Deenadhay…; +3 more

## Timeline

- **September 6, 2019 — CIRP init…**: Corporate Insolvency Resolution Process (CIRP) was initiated in respect of the Corporate…
- **January 17, 2022 — Liquidation…**: Liquidation was ordered for the Corporate Debtor in IA/1335/2020, and Mr. S. Rajendran…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 21(6) — Committee of creditors](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-21)

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