# In the matter of Star Mineral Resources Private Limited

> NCLT judgment dated 2023-12-07. Citation: TCN-2023-NCLT-00357. The case involves an application filed by the Liquidator of the Corporate Debtor, seeking…

- **Court:** NCLT
- **Order date:** 7 Dec 2023
- **Citation:** TCN-2023-NCLT-00357
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/star-mineral-resources-private-limited-d05b618d

## Summary

### Background

The case involves an application filed by the Liquidator of the Corporate Debtor, seeking exclusion of certain time periods from the liquidation process, waiver of a period, fixing a date for completion of liquidation, and other orders. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, M/s. Star Mineral Resources Private Limited, based on an application filed by the Operational Creditor, M/s. Platina Bulkers Private Limited. The Resolution Professional could not call for a resolution plan due to a lack of information, and liquidation was initiated. The Liquidator faced difficulties in obtaining information and receiving payments for expenses. The Liquidator filed applications seeking directions regarding payments and

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## Facts

M/s. Platina Bulkers Private Limited, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s. Star Mineral Resources Private Limited, the Corporate Debtor. The application was admitted, and CIRP was initiated on 17.12.2018. Mr. Akarsh Kashyap was appointed as an Interim Resolution Professional and later confirmed as Resolution Professional. Due to the absence of specific information relating to the assets, liabilities, and business operation of the Corporate Debtor, the Resolution Professional could not call for a Resolution Plan. Liquidation was initiated on 10.02.2020, and Mr. Naresh Kumar Bansal was appointed as the Liquidator. The Liquidator faced difficulties in obtaining information and receiving

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should grant the exclusion of time period as sought by the …

**Ratio:** The court has the discretion to grant exclusion or extension of time based on the facts

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**Reasoning:** The court analyzed the reasons mentioned and concluded that no useful purpose would be

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**Interpretation:** The interpretation involves the court's assessment of whether granting the

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**Application:** Given the lack of cooperation from the suspended Board of Directors, the

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** Naresh Kumar…
- **Respondents:** M/s. Star Mineral…
- **Advocates:** Gaurav Cha…; Gaurav Ke…

## Timeline

- **2018-12-17 — CIRP Init…**: Company Petition (IB)-607(ND)/2018 was admitted, and CIRP was initiated against the…
- **2020-02-10 — Liquidation…**: The Adjudicating Authority allowed the liquidation application and appointed Mr. Naresh…

## 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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