# In the matter of Supertech Limited

> NCLT judgment dated 2023-09-01. Citation: TCN-2023-NCLT-01807. The case involves two interlocutory applications, IA/3844/ND/2023 and IA/3845/ND/2023, filed in…

- **Court:** NCLT
- **Order date:** 1 Sept 2023
- **Citation:** TCN-2023-NCLT-01807
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supertech-limited-c4c90def

## Summary

### Background

The case involves two interlocutory applications, IA/3844/ND/2023 and IA/3845/ND/2023, filed in the matter of the Corporate Insolvency Resolution Process (CIRP) of M/s. Supertech Limited. The CIRP was initiated based on an application by Union Bank of India. The Resolution Professional (RP) sought exclusion of certain periods from the CIRP timeline due to litigation and other factors, and also sought authorization for re-issuance of Form-G to invite fresh resolution plans for the Eco Village-II project. The initiation of CIRP was challenged by the Suspended Board of Directors before the NCLAT, and the matter was also before the Supreme Court.

## Facts

1. Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Supertech Limited based on an application by Union Bank of India.
2. The Resolution Professional (RP) filed IA/3844/2023 and IA/3845/2023 seeking exclusion of certain periods from the CIRP timeline and authorization for re-issuance of Form-G for the Eco Village-II project.
3. The RP sought exclusion of 17 days from June 20, 2022, to July 7, 2022, due to time lost in the disposal of I.A. No. 2959 of 2022, which was related to the appointment of an Authorized Representative for real-estate allottees/homebuyers.
4. The RP also sought exclusion of 22 days from January 27, 2023, to February 18, 2023, which was the period utilized from the CIRP period for passing of the Hon'ble Supreme Court's order

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## Issues and analysis

### Issue 1: Whether the exclusion of 17 days from June 20, 2022, to July 7, 2022, should be granted due to time …

**Ratio:** The Adjudicating Authority has the discretion to exclude certain periods from the CIRP

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**Reasoning:** The Adjudicating Authority found no cogent reason to grant the exclusion of 17 days. It

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**Interpretation:** The interpretation is that the Adjudicating Authority must be convinced of the

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**Application:** In this case, the prayer for exclusion of 17 days was rejected because the

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## Parties

- **Judges:** MANNI SANKARIAH…; BINOD KUMAR…
- **Appellants:** Hitesh…
- **Respondents:** M/s. Supertech…; M/s. Supertech…

## Timeline

- **2020-03-25 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Supertech Limited…
- **2022-04-12 — NCLAT Or…**: Hon'ble Appellate Authority stayed the constitution of the Committee of Creditors (CoC)…

## 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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