# In the matter of Tauras Exports Pvt. Ltd.

> NCLT judgment dated 2023-09-27. Citation: TCN-2023-NCLT-01444. The application IA No. 483/JPR/2023 was filed by the liquidator of M/s Tauras Exports Pvt. Ltd.…

- **Court:** NCLT
- **Order date:** 27 Sept 2023
- **Citation:** TCN-2023-NCLT-01444
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tauras-exports-pvt-ltd-860fd9f1

## Summary

### Background

The application IA No. 483/JPR/2023 was filed by the liquidator of M/s Tauras Exports Pvt. Ltd. under Regulation 44(2) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, seeking an extension for the liquidation period. The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor commenced on 05.03.2020, and the applicant was appointed as the Interim Resolution Professional (IRP). Subsequently, the Adjudicating Authority initiated the liquidation of the Corporate Debtor on 18.02.2021, appointing the applicant as the Liquidator. Due to the COVID-19 pandemic, the liquidator could not liquidate the Corporate Debtor in due time, leading to the application for extension. An earlier extension of 6 months was granted until

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## Facts

The present application, IA No. 483/JPR/2023, was filed by Mr. Anoop Bhatia, the Liquidator of M/s Tauras Exports Pvt. Ltd., seeking an extension of the liquidation period under Regulation 44(2) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The CIRP of the Corporate Debtor, M/s Tauras Exports Pvt. Ltd., commenced on 05.03.2020, and Mr. Bhatia was appointed as the IRP. Subsequently, on 18.02.2021, the Adjudicating Authority initiated liquidation and appointed Mr. Bhatia as the Liquidator. The Liquidator faced delays due to the COVID-19 pandemic and was granted an initial extension until 31.07.2023. The Corporate Debtor's assets include investments in shares in Panache Holdings Pvt. Ltd. and a cash balance of Rs. 51,737.12. The

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## Issues and analysis

### Issue 1: Whether the extension of the liquidation period should be granted to the Liquidator, considering …

**Ratio:** Regulation 44 of the Liquidation Regulations allows the applicant to file an application

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**Reasoning:** The Adjudicating Authority considered the reasons for the delay, including the COVID-19

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**Interpretation:** Regulation 44 provides a mechanism for extending the liquidation period when

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**Application:** The Adjudicating Authority applied Regulation 44 to the facts of the case,

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Anoop B…
- **Respondents:** M/S Tauras…; Uniword Telecom…

## Timeline

- **2020-03-05 — Commencement…**: The Corporate Insolvency Resolution Process (CIRP) of M/s Tauras Exports Pvt. Ltd.…
- **2020-03-05 — Appointment…**: Anoop Bhatia was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 44 — Orders in case of preferential transactions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-44)

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