# In the matter of V R V Textiles Limited IA (IBC)No. 91 & 92-2022 in CP (IB0 no. 26-10-AMR-2021

> NCLT judgment dated 2022-05-31. Citation: TCN-2022-NCLT-02518. The case pertains to CP(IB) No.26/10/AMR/2021, involving M/s. V R V Textiles Private Limited.…

- **Court:** NCLT
- **Order date:** 31 May 2022
- **Citation:** TCN-2022-NCLT-02518
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/v-r-v-textiles-limited-ia-ibcno-91-92-2022-in-cp-ib0-no-26-10-amr-2021-5a6d0436

## Summary

### Background

The case pertains to CP(IB) No.26/10/AMR/2021, involving M/s. V R V Textiles Private Limited. The NCLT, Amaravati, admitted the petition on 26.10.2021 under Section 10 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP). J. John Ohilvi was appointed as the Interim Resolution Professional (IRP). The IRP issued a public announcement on 28.10.2021. No claims were received from any financial creditor, and the Committee of Creditors (CoC) was constituted with Operational Creditors. The first CoC meeting was adjourned due to non-attendance by the Operational Creditors. The IRP could not take possession of the assets of the Corporate Debtor as there were no physical assets available. The CoC members were unwilling to

…

## Facts

M/s. V R V Textiles Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT, Amaravati, on 26.10.2021. J. John Ohilvi was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 28.10.2021. No financial creditor claims were received, leading to a Committee of Creditors (CoC) composed of Operational Creditors. The initial CoC meeting was adjourned due to the absence of Operational Creditors. The IRP was unable to take possession of any assets due to their non-existence. The CoC members showed unwillingness to contribute to CIRP costs. A second CoC meeting on 10.04.2022 approved a proposal for liquidation. The IRP was authorized to file a liquidation application. A delay of 10 days occurred in

…

## Issues and analysis

### Issue 1: Whether the delay of 10 days in filing the application seeking approval for liquidation should be …

**Ratio:** The court has the discretion to condone delays in filing applications if sufficient cause

…

**Reasoning:** The court considered that the delay was due to the non-functioning of the NCLT website,

…

**Interpretation:** This interprets the court's power to condone delays, balancing procedural

…

**Application:** The court applied this principle to the specific facts, noting that the delay

…

## Parties

- **Judges:** TELAPROLU…
- **Appellants:** J. John O…
- **Respondents:** M/s. V R V…

## Timeline

- **2021-10-26 — Admission of…**: NCLT, Amaravati admitted CP (IB) No.26/10/AMR/2021 under Section 10 of the Insolvency…
- **2021-10-28 — Public Annou…**: Interim Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

---

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/v-r-v-textiles-limited-ia-ibcno-91-92-2022-in-cp-ib0-no-26-10-amr-2021-5a6d0436