# In the matter of Spel Granito Private Limited

> NCLT judgment dated 2024-09-12. Citation: TCN-2024-NCLT-00605. The case pertains to IA(liq)/22/AHM/2024 filed in CP (IB)/119/2022 regarding the Corporate…

- **Court:** NCLT
- **Order date:** 12 Sept 2024
- **Citation:** TCN-2024-NCLT-00605
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/spel-granito-private-limited-183b05d1

## Summary

### Background

The case pertains to IA(liq)/22/AHM/2024 filed in CP (IB)/119/2022 regarding the Corporate Insolvency Resolution Process (CIRP) of M/s Spel Granito Pvt. Ltd. The application was filed under Section 33 r.w. Section 34 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated following an application by an operational creditor, Krishna Colour Chem, under Section 9 of the Code. The initial IRP, Mr. Premraj Ramratan Laddha, was appointed, and public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was constituted, and several meetings were held to discuss the resolution plan and related matters. The applicant, Sachin Naveen Sinha, was later appointed as the Resolution Professional (RP).

## Facts

The operational creditor, Krishna Colour Chem, initiated CIRP against M/s Spel Granito Pvt. Ltd. under Section 9 of the IBC. Premraj Ramratan Laddha was initially appointed as the Interim Resolution Professional (IRP). Public announcements were made, and claims were invited from creditors. The Committee of Creditors (CoC) was formed, and several meetings were conducted. Sachin Naveen Sinha was later appointed as the Resolution Professional (RP). Four expressions of interest (Eol) were received from prospective resolution applicants. The CIRP period expired on 15.02.2024, and the RP did not seek an extension. The CoC unanimously resolved to initiate liquidation under Section 33 of the IBC. A previous liquidation application was withdrawn due to a mistake. The current

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## Issues and analysis

### Issue 1: Whether the Resolution Professional (RP) violated the provisions of the Insolvency and Bankruptcy …

**Ratio:** Section 12 of the IBC mandates that the CIRP must be completed within 180 days,

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**Reasoning:** The Adjudicating Authority observed that the RP did not file an application for further

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**Interpretation:** Section 12 of the IBC establishes a strict timeline for the completion of the

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**Application:** In this case, the RP's failure to seek an extension of the CIRP period after

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Sachin Naveen…
- **Respondents:** M/s Spel Granito…

## Timeline

- **2023-05-19 — Admittance…**: The Corporate Debtor…
- **2023-05-19 — Appointment…**: Mr. Premraj Ramratan Laddha was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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