# In the matter of Amzen Transportation Industries Private Limited

> NCLAT judgment dated 2024-04-18. Citation: TCN-2024-NCLAT-00501. The case involves interlocutory applications (I.A.s) filed by Mr. Deepak Maini, the…

- **Court:** NCLAT
- **Order date:** 18 Apr 2024
- **Citation:** TCN-2024-NCLAT-00501
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/amzen-transportation-industries-private-limited-94318afa

## Summary

### Background

The case involves interlocutory applications (I.A.s) filed by Mr. Deepak Maini, the Resolution Professional (RP) of M/s. Amzen Transportation Industries Private Limited, seeking extensions and exclusion of the Corporate Insolvency Resolution Process (CIRP) period. The initial Company Petition (IB) No. 3(ND)/2020 was admitted on 04.05.2022, initiating CIRP against the Corporate Debtor. The RP filed I.A. No. 6561 of 2023 seeking a 45-day extension beyond 08.12.2023, and I.A. No. 129 of 2024 seeking a 90-day extension beyond 23.01.2024. I.A. No. 1031 of 2024 was filed seeking exclusion of the CIRP period from 06.12.2023 to the date of adjudication.

## Facts

Mr. Deepak Maini, the Resolution Professional (RP) of M/s. Amzen Transportation Industries Private Limited, filed multiple interlocutory applications (IAs) seeking extensions and exclusion of time in the Corporate Insolvency Resolution Process (CIRP). Company Petition (IB) No. 3(ND)/2020 was admitted on 04.05.2022, initiating CIRP against the Corporate Debtor. The RP filed I.A. No. 6561 of 2023 on 06.12.2023 seeking a 45-day extension beyond 08.12.2023, approved by the Committee of Creditors (CoC) in its 37th meeting dated 29.11.2023. The 35th CoC meeting was convened on 08.11.2023, postponed to 09.11.2023, where the RP apprised the CoC of the progress of resolution plans. The 36th CoC meeting was held on 16.11.2023 and 17.11.2023, where resolution plans were put up

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should grant an extension of the CIRP period beyond the initial …

**Ratio:** The second proviso to Section 12(3) of the Insolvency and Bankruptcy Code, 2016, read

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**Reasoning:** The Adjudicating Authority considered the CoC's resolutions approving the extensions, the

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**Interpretation:** The legal interpretation is that the Adjudicating Authority has the discretion

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**Application:** In this case, the Adjudicating Authority extended the CIRP period by 90 days

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Respondents:** Amzen Transportati…; IDBI Bank L…

## Timeline

- **2020-01-01 — Company Petiti…**: Company Petition No. IB-…
- **2022-05-04 — Company Petition…**: Company Petition (IB) No. 3/ND/2020 was admitted, initiating CIRP against the Corporate…

## 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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