# In the matter of Tirupati Inks Ltd. & Ors. (IB)-314(PB)-2017

> NCLT judgment dated 2022-10-03. Citation: TCN-2022-NCLT-00858. The case involves an application (IA-4697/2022) seeking an extension of time to complete the…

- **Court:** NCLT
- **Order date:** 3 Oct 2022
- **Citation:** TCN-2022-NCLT-00858
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tirupati-inks-ltd-ors-ib-314pb-2017-6c87e439

## Summary

### Background

The case involves an application (IA-4697/2022) seeking an extension of time to complete the liquidation process of the Corporate Debtor, M/s. Tirupati Inks Ltd & Ors. The application was filed by the liquidator under Regulation 44(2) of the Liquidation Process Regulations, 2016. The liquidator sought a two-month extension to complete the liquidation process, effective from 27.09.2022, to enable the applicant to take necessary steps and complete the liquidation process of the Corporate Debtor, and to approach the Adjudicating Authority for seeking dissolution of the Corporate Debtor.

## Facts

ICICI Bank Limited filed an application as the Petitioner/Applicant against M/s. Tirupati Inks Ltd & Ors as the Respondent. The application was filed under Section 7 of the Insolvency & Bankruptcy Code (IBC) CIRP. The liquidator filed an application (IA-4697/2022) seeking an extension of two months to complete the liquidation process of the Corporate Debtor, effective from 27.09.2022. The liquidator argued that the extension was necessary to take steps under Regulation 38(1) of the Liquidation Process Regulations, 2016, which allows the liquidator, with the permission of the Adjudicating Authority, to distribute unsold assets among the stakeholders. The liquidator also intended to proceed with the dissolution of the Corporate Debtor under Section 54 of the

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## Issues and analysis

### Issue 1: Whether the liquidator should be granted a two-month extension to complete the liquidation process …

**Ratio:** Regulation 44(2) of the Liquidation Process Regulations, 2016, allows for an extension of

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**Reasoning:** The court reasoned that the extension was necessary to take steps under Regulation 38(1)

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**Interpretation:** Regulation 44(2) provides the legal basis for granting an extension of time for

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**Application:** The court applied Regulation 44(2) to the specific facts of the case, where the

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash K.…
- **Appellants:** ICICI Bank…
- **Respondents:** M/s. Tirupati…

## Timeline

- **2022-10-03 — Order Del…**: Order delivered on 03.10.2022 regarding the application for extension of time to complete…
- **2022-09-27 — Effective Date for…**: The liquidator sought a two-month extension to complete the Liquidation Process with…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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