# In the matter of BALLY EXPORTS LIMITED

> NCLT judgment dated 2026-04-21. Citation: TCN-2026-NCLT-00402. The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 21 Apr 2026
- **Citation:** TCN-2026-NCLT-00402
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/bally-exports-limited-be6c44e2

## Summary

### Background

Deutsche Bank AG filed an application (I.A. No. 869/KB/2025) claiming to be a Financial Creditor of Bally Exports Ltd., seeking condonation of delay in submitting its claim and direction to the Resolution Professional (RP) to verify and admit its claim of Rs. 7,27,81,536.76.

## Facts

The CIRP of Bally Exports Ltd. was initiated based on an application by Indian Bank.

A resolution plan submitted by M/s Ganesh Construct & Build Private Limited was rejected by the CoC due to insufficient voting share.

The CoC was unable to reach a consensus on either approving a resolution plan or initiating liquidation.

Indian Bank opposed the liquidation of Bally Exports Ltd.

The RP sought directions from the Adjudicating Authority regarding the future course of action.

The Adjudicating Authority noted the deadlock in the CoC and the expiry of the CIRP period.

Deutsche Bank AG filed an application seeking condonation of delay in submitting its claim as a Financial Creditor.

The RP rejected Deutsche Bank's claim due to a delay of 246 days in submission.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Bally Exports Ltd., should be liquidated due to the failure of the …

**Ratio:** Section 33(1) of the IBC mandates liquidation if no resolution plan is received within

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**Reasoning:** The CoC was unable to reach a consensus on a resolution plan, and the CIRP period had

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**Interpretation:** The Adjudicating Authority interpreted Section 33(1) of the IBC to mean that

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**Application:** The Adjudicating Authority applied Section 33(1) of the IBC to the facts of the

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** Deutsche B…; Neeraj Kumar…
- **Respondents:** Bally Expor…; Neeraj Kumar…
- **Other parties:** Indian…; Central Bank of…; +1 more

## Timeline

- **2024-08-14 — CIRP Init…**: CIRP initiated for Bally Exports…
- **2024-08-14 — Appointment…**: Mr. Neeraj Kumar Sureka appointed as the…

## 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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