# In the matter of VIL Ltd.

> NCLT judgment dated 2023-03-03. Citation: TCN-2023-NCLT-04365. The Successful Resolution Applicant (SRA) filed applications seeking specific reliefs for the…

- **Court:** NCLT
- **Order date:** 3 Mar 2023
- **Citation:** TCN-2023-NCLT-04365
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vil-ltd-65071604

## Summary

### Background

The Successful Resolution Applicant (SRA) filed applications seeking specific reliefs for the implementation of the resolution plan. Notices were issued, but service was not completed in all cases. The SRA requested the respondents to be set ex-parte to effectively implement the plan. The court noted that judicial time was being wasted on administrative duties related to service completion.

## Facts

ICICI Bank Ltd. filed a case against VIL Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016 (CIRP). The Successful Resolution Applicant (SRA) filed multiple IAs (IA-2015/2022, IA-2762/2022, IA-2763/2022, IA-4768/2022, IA-5415/2022) seeking specific reliefs for the implementation of the resolution plan. Service of notice was not completed in all IAs, leading to delays. The SRA requested the respondents to be set ex-parte. Respondents, including GST Department, Tehsildar Lucknow, and Commercial Tax Department Lucknow, did not appear. The court directed IBBI to consider modifications to streamline service and pleadings. IA-2367/2020 was dismissed for non-prosecution as none appeared for the petitioner, and no steps were taken after the substitution of the

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## Issues and analysis

### Issue 1: Whether the Insolvency and Bankruptcy Board of India (IBBI) should consider modifications to …

**Ratio:** The principle of efficient and timely adjudication of cases under the Insolvency and

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**Reasoning:** The court observed that a considerable amount of judicial time was being wasted on

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**Interpretation:** The interpretation of the IBC emphasizes the need for a streamlined process to

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**Application:** The court applied this principle by directing the IBBI to consider

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** ICICI Ban…
- **Respondents:** VIL L…

## Timeline

- **2018-01-01 — Case Fil…**: Case filed under…
- **2023-03-03 — Order Del…**: Order delivered regarding IAs filed by the SRA…

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