State Bank of India Vs Tradco Deesan Private Limited (NCLT Mumbai)
The National Company Law Tribunal (NCLT), Mumbai Bench, considered an application filed by the Resolution Professional of Shri Tradco Deesan Private Limited seeking initiation of liquidation proceedings under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Debtor had been admitted into Corporate Insolvency Resolution Process (CIRP) on 15 February 2023. Although the admission order was initially stayed by the NCLAT on appeal by the suspended Board of Directors, the stay was later vacated on 1 September 2023.
Following confirmation of the Resolution Professional’s appointment, Form-G was published inviting Expressions of Interest. The last date for submission of resolution plans was initially fixed as 15 February 2025 and later extended until 6 May 2025. Two resolution plans were received and placed before the Committee of Creditors (CoC), but the prospective resolution applicants failed to provide the required addendums within the prescribed timeframe.
A total of 24 CoC meetings were held during the CIRP. Several resolutions were passed seeking extensions of the CIRP period, and multiple applications for extension were allowed by the Tribunal from time to time. The CoC also resolved to republish Form-G and repeatedly sought further time for completion of the process. Various interlocutory applications relating to exclusion of time, extension of CIRP and other procedural matters were decided by the Tribunal.
