# In the matter of Suzuki Textile Limited

> NCLT judgment dated 2023-10-12. Citation: TCN-2023-NCLT-01263. The application was filed under Section 60(5)(a) of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 12 Oct 2023
- **Citation:** TCN-2023-NCLT-01263
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/suzuki-textile-limited-9fa75fee

## Summary

### Background

The application was filed under Section 60(5)(a) of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, by the Chairperson of the Monitoring Committee, who was also the Resolution Professional of Suzuki Textile Limited (Corporate Debtor). The application sought an extension of the implementation period of the Resolution Plan, which was approved by the Adjudicating Authority on 18.01.2023. The main petition was filed under Section 9 of the IBC by the Operational Creditor seeking Corporate Insolvency Resolution Process (CIRP), which was admitted by the Adjudicating Authority on 31.01.2022. The Committee of Creditors (CoC) approved the Resolution Plan submitted by M/s Sai Leela Synthetics Pvt Ltd. (Successful Resolution Applicant), which

…

## Facts

Sangam (India) Limited is the Operational Creditor. Suzuki Textile Limited is the Corporate Debtor. The Chairperson of the Monitoring Committee filed an application seeking an extension of the implementation period of the Resolution Plan. The Resolution Plan was approved by the Adjudicating Authority on 18.01.2023. The main petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 was filed by the Operational Creditor seeking Corporate Insolvency Resolution Process (CIRP), which was admitted by the Adjudicating Authority on 31.01.2022. The Committee of Creditors (CoC) approved the Resolution Plan submitted by M/s Sai Leela Synthetics Pvt Ltd. (Successful Resolution Applicant) which was subsequently approved by the Adjudicating Authority on 18.01.2023. The

…

## Issues and analysis

### Issue 1: Whether the extension of the implementation …

**Ratio:** Section 60(5)(a) of the Insolvency & Bankruptcy Code, 2016 allows the NCLT to deal

…

**Reasoning:** The court considered the submissions made by the applicant, the progress in the

…

**Interpretation:** The court interpreted Section 60(5)(a) of the IBC and Rule 11 of the NCLT Rules

…

**Application:** The court applied the provisions of Section 60(5)(a) of the IBC and Rule 11 of

…

## Parties

- **Judges:** Deep Chandr…; ATUL CHAT…
- **Appellants:** Prashant A…
- **Respondents:** Suzuki Textiles…

## Timeline

- **2023-01-18 — Resolution Plan…**: The Adjudicating Authority…
- **2022-01-31 — CIRP Admi…**: The Adjudicating Authority admitted the…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/suzuki-textile-limited-9fa75fee