# In the matter of Unik Bazar Ltd. IA-1909,2408,2410,2412 & 2419-2023 in (IB)-460-ND-2021

> NCLT judgment dated 2023-05-02. Citation: TCN-2023-NCLT-03526. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 2 May 2023
- **Citation:** TCN-2023-NCLT-03526
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/unik-bazar-ltd-ia-1909240824102412-2419-2023-in-ib-460-nd-2021-2eda85f5

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Several IAs (Interlocutory Applications) are being addressed, including IA-2408/2023, IA-2410/2023, IA-2412/2023, IA-2419/2023, and IA-1909/2023. The IAs relate to various aspects of the insolvency resolution process, including status reports, notices to respondents, and cooperation from respondents in providing information to the Resolution Professional (RP).

## Facts

Morari Commercial Pvt. Ltd. filed an application against Unik Bazar Ltd. under Section 7 of the IBC, 2016. The IRP submitted a status report, which the court has taken on record. Certain respondents sought time to file replies to the notices issued. The RP is seeking cooperation from the respondents to obtain necessary information for the insolvency resolution process. The RP also seeks police protection for the assets of the Corporate Debtor. The court has directed the Police Commissioner of Noida to provide a report on the actions taken to protect the assets, indicating concerns about the security of the Corporate Debtor's assets. The court is actively involved in ensuring the smooth progression of the insolvency resolution process by addressing various interlocutory

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## Issues and analysis

### Issue 1: Whether IA-2408/2023, pertaining to the acceptance of the IRP's first status report, should be …

**Ratio:** The court has the discretion to accept the IRP's status report if it deems it appropriate

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**Reasoning:** The court allowed the IA and took the report on record, subject to all exceptions,

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**Interpretation:** The acceptance of the status report signifies the court's acknowledgment of the

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**Application:** The court's decision to accept the report facilitates the continuation of the

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## Parties

- **Judges:** Sh. Ashok Kumar…; L. N. G…
- **Appellants:** Morari Commercial…
- **Respondents:** Unik Baza…

## Timeline

- **2023-04-12 — Previous Tribu…**: Reference to the order dated 12.04.2023…
- **2023-05-02 — Order Del…**: Order delivered on 02.05.2023…

## 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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