# In the matter of Kridhan Infrastructure Pvt. Ltd. (Now known as Krish Steel and Trading Pvt. Ltd.) Vs. Venkatesan Sankarnarayan Civil Appeal No.3299/2020

> SC judgment dated 2020-11-25. Citation: TCN-2020-SC-00006. The case involves a civil appeal regarding the liquidation of a corporate debtor. The NCLAT upheld…

- **Court:** SC
- **Order date:** 25 Nov 2020
- **Citation:** TCN-2020-SC-00006
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/kridhan-infrastructure-pvt-ltd-now-known-as-krish-steel-and-trading-pvt-ltd-vs-v-545a589d

## Summary

### Background

The case involves a civil appeal regarding the liquidation of a corporate debtor. The NCLAT upheld the NCLT's order for liquidation, but the Supreme Court stayed this order. The appellant was directed to deposit Rs 50 crores to demonstrate its ability to implement the resolution plan, based on an understanding from a Committee of Creditors meeting. The court is considering an extension of time for this deposit.

## Facts

Kridhan Infrastructure Pvt. Ltd. (now known as Krish Steel and Trading Pvt. Ltd.) filed a civil appeal against Venkatesan Sankaranarayan & Ors. The NCLAT upheld the NCLT's order to liquidate the Corporate Debtor. The Supreme Court stayed the NCLAT order on 9 October 2020. The appellant was directed to deposit Rs 50 crores by 10 January 2021 to demonstrate its ability to implement the resolution plan, based on an understanding arrived at on 25 February 2020. The appellant had already deposited Rs 20 crores, which was subject to forfeiture if the Rs 50 crore deposit was not made. The appellant sought an extension of time to make the deposit, citing delays caused by the liquidator's actions. The liquidator transferred funds from an escrow account to the Corporate

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## Issues and analysis

### Issue 1: Whether the appellant should be granted an extension of time to deposit Rs 50 crores to demonstrate …

**Ratio:** The court has the discretion to grant extensions of time based on the circumstances of

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**Reasoning:** The court considered that the appellant had already deposited Rs 20 crores and that the

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**Interpretation:** The court interpreted the IBC's objective as favoring resolution over

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**Application:** Based on the specific facts, the court granted an extension of time until 25

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## Parties

- **Judges:** Dr Dhananjaya Y…; Indu Mal…; +1 more
- **Appellants:** Kridhan Infrastruc…
- **Respondents:** Venkatesan…
- **Other parties:** Affir…
- **Advocates:** K.V. Vishwa…; Gaurav…; +9 more

## Timeline

- **2020-02-25 — Understanding A…**: An understanding was reached at a meeting of the erstwhile Committee of Creditors…
- **2020-09-08 — NCLAT Or…**: The NCLAT upheld the order of the NCLT…

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