# Fernwen Holidays Pvt. Ltd. vs. Trade Line Enterprises Pvt. Ltd.

> NCLT judgment dated 18 Nov 2025. Citation: TCN-2025-NCLT-01850. The application was filed seeking condonation of delay of 1178 days in filing the application…

- **Court:** NCLT
- **Order date:** 18 Nov 2025
- **Citation:** TCN-2025-NCLT-01850
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/fernwen-holidays-pvt-ltd-vs-trade-line-enterprises-pvt-ltd-a41a1131

## Summary

### Background

The application was filed seeking condonation of delay of 1178 days in filing the application for liquidation of the Corporate Debtor. CIRP was initiated against the Corporate Debtor Tradeline Enterprises Private Limited vide an order dated 18.09.2019. S. Vasudevan was appointed as the IRP and later continued as RP. The CoC resolved to liquidate the Corporate Debtor on 21.06.2022.

## Facts

Fernwen Holidays Private Limited filed an application under Section 9 of IBC.

CIRP was initiated against Tradeline Enterprises Private Limited on 18.09.2019.

S. Vasudevan was appointed as the IRP and later continued as RP.

The Financial Creditor, Edelweiss Asset Reconstruction Limited, filed a claim for Rs. 1,04,76,24,882/-.

The CoC was constituted with only the Financial Creditor having 100% voting share.

The CoC resolved to liquidate the Corporate Debtor on 21.06.2022.

The Applicant/RP received a show cause notice from the IBBI.

The Applicant expressed his unavailability to act as Liquidator.

The CoC directed the RP to pursue the liquidation application.

The application for liquidation was filed with a delay of 1127 days.

Sudhir G S was appointed as the Liquidator.

## Issues and analysis

### Issue 1: Delay in filing the …

**Ratio:** The Tribunal has the discretion to condone delays in filing applications based on

…

**Reasoning:** The Applicant cited pending inquiry before IBBI, suspension of his AFA, and the death of

…

**Interpretation:** The Tribunal considered the reasons provided by the Applicant and the

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**Application:** The Tribunal condoned the delay of 1127 days in filing the liquidation

…

## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Fernwen Holidays…
- **Respondents:** Trade Line…
- **Other parties:** Corporate…; Liquida…; +2 more

## Timeline

- **2019-09-18 — CIRP Init…**: CIRP was initiated against Trade…
- **2019-10-01 — Public Annou…**: S. Vasudevan made a public…

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