# In the matter of Taurus Exports Pvt. Ltd.

> NCLT judgment dated 2023-09-27. Citation: TCN-2023-NCLT-01442. 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-01442
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/taurus-exports-pvt-ltd-543dc37d

## Summary

### Background

The application IA No. 483/JPR/2023 was filed by the liquidator of M/s Tauras Exports Pvt. Ltd. seeking an extension for the liquidation period under Regulation 44(2) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 read with Section 60(5) of the Insolvency and Bankruptcy, 2016 ('Code'). The CIRP of the Corporate Debtor commenced on 05.03.2020, and the applicant was appointed as the IRP. Later, the Adjudicating Authority initiated the liquidation of the Corporate Debtor on 18.02.2021 and appointed the applicant as the Liquidator. Due to COVID-19, the liquidator could not liquidate the Corporate Debtor in due time, leading to the initial extension granted on 07.07.2023 for 6 months, expiring on 31.07.2023.

## Facts

The Corporate Debtor, M/S Tauras Exports Pvt. Ltd., underwent CIRP commencing on 05.03.2020, with the applicant initially appointed as the IRP and later as the Liquidator on 18.02.2021. The Liquidator faced difficulties in liquidating the Corporate Debtor due to the COVID-19 pandemic, leading to an initial extension granted until 31.07.2023. The Corporate Debtor's assets include investments in Panache Holdings Pvt. Ltd. and a cash balance of Rs. 51,737.12. The Liquidator sold the investments and filed an asset sales report on 30.06.2022. However, several tasks remain, including closing bank accounts and removing liens from the Income Tax Department, specifically liens related to attachment under Section 226(3) of the Income Tax Act. The Stakeholders Consultation

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## Issues and analysis

### Issue 1: Whether the extension of the liquidation period should be granted to the Liquidator of M/s Tauras …

**Ratio:** Regulation 44 of the Liquidation Regulations states that when liquidation has not been

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**Reasoning:** The court considered the reasons provided by the Liquidator for the delay in completing

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

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**Application:** The court applied Regulation 44 to the facts of the case, considering the

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## Parties

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

## Timeline

- **2020-03-05 — CIRP Commen…**: CIRP of the Corporate…
- **2021-02-18 — Liquidation In…**: Adjudicating Authority initiated the liquidation of the Corporate Debtor and appointed…

## 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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