# In the matter of Shri Veerganapathi Steels Pvt. Ltd.IA-426-CHE-2022 in CP-229-IB-CB-2018

> NCLT judgment dated 2022-07-13. Citation: TCN-2022-NCLT-01738. The application IA/426/CHE/2022 was filed under Section 60(5) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 13 Jul 2022
- **Citation:** TCN-2022-NCLT-01738
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shri-veerganapathi-steels-pvt-ltdia-426-che-2022-in-cp-229-ib-cb-2018-e5d5d087

## Summary

### Background

The application IA/426/CHE/2022 was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 44 and 47A of the IBBI (Liquidation Process) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016. The applicant, Mr. Kavitha Surana, Liquidator of Shri Veeraganapathi Steels Pvt Ltd, sought an order extending the time for completion of the liquidation process by another year from 12.04.2022 to 11.04.2023. The Corporate Insolvency Resolution Process (CIRP) had commenced vide order dated 26.04.2018.

## Facts

The applicant, Mr. Kavitha Surana, is the Liquidator of Shri Veeraganapathi Steels Pvt Ltd. The Corporate Insolvency Resolution Process (CIRP) commenced on 26.04.2018. The Liquidator filed an application bearing MA/222/2018 for non-cooperation of the Promoter/Suspended board of Directors for not furnishing the documents and records of the Corporate Debtor. The Applicant identified various fraudulent transactions carried out by the erstwhile management of the Corporate Debtor and filed Applications (MA/700/2018, MA/701/2018 & MA/702/2018). The Applicant also filed an application bearing MA/672/2019 against the erstwhile management of the Corporate Debtor and statutory auditor of the Corporate Debtor seeking directions of this Tribunal for handing over possession of

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## Issues and analysis

### Issue 1: Whether the time for completion of the …

**Ratio:** Regulation 44 mandates the Liquidation process

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**Reasoning:** The Liquidator was unable to complete the liquidation process within the prescribed time

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**Interpretation:** Regulation 44 of the IBBI (Liquidation Process) Regulations, 2016, mandates a

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**Application:** The Tribunal considered the facts and circumstances of the case, including the

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## Parties

- **Judges:** S. Ramath…; SAMEER…
- **Appellants:** Mr.Kavitha…
- **Respondents:** Shree Veera…

## Timeline

- **2018-04-26 — Commencement…**: The Tribunal ordered the commencement of the Corporate Insolvency Resolution Process…
- **2022-04-08 — Application…**: This application was filed on 08.04.2022 under Section 60 (5) of the Insolvency and…

## 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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