# In the matter of First Step Ventures Ltd. Vs. Frontier Lifeline Pvt. Ltd. & Ors. CA(AT)(Insolvency) 720-2019

> NCLAT judgment dated 2019-07-17. Citation: TCN-2019-NCLAT-00440. The case involves an appeal against an order by the Adjudicating Authority (National Company…

- **Court:** NCLAT
- **Order date:** 17 Jul 2019
- **Citation:** TCN-2019-NCLAT-00440
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/first-step-ventures-ltd-vs-frontier-lifeline-pvt-ltd-ors-ca-12cda6e8

## Summary

### Background

The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal, Division Bench, Chennai) regarding the Corporate Insolvency Resolution Process (CIRP) of Frontier Lifeline Private Limited. The CIRP was initiated against Frontier Lifeline Private Limited, with First Step Ventures Limited filing a resolution plan. The Committee of Creditors (CoC) did not consider the resolution plan due to the completion of the 270-day CIRP period. The Resolution Professional filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking exclusion of 43 days from the CIRP period. This application was dismissed by the Adjudicating Authority, leading to the appeal.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Frontier Lifeline Private Limited, identified as the 'Corporate Debtor'. First Step Ventures Limited, the 'Appellant', submitted a 'Resolution Plan'. The 'Committee of Creditors' (CoC) did not consider the 'Resolution Plan' because the 270-day 'Corporate Insolvency Resolution Process' period had expired. The 'Resolution Professional' of 'Frontier Lifeline Private Limited' then filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to exclude 43 days from the CIRP period, specifically from April 29, 2019, to June 10, 2019. This request was based on a decision by the 'Committee of Creditors'. The Adjudicating Authority (National Company Law Tribunal), Division

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in rejecting the application for exclusion of 43 …

**Ratio:** The Adjudicating Authority has the power to reject an application for exclusion of time

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**Reasoning:** The court reasoned that the 270-day CIRP period had expired, and the Adjudicating

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

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**Application:** In this case, the 270-day CIRP period had expired, and the appellant did not

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## Parties

- **Judges:** S.J. Mukhop…; Kanthi Na…; +1 more
- **Appellants:** First Step…
- **Respondents:** Frontier Lifeline…; Frontier Lifeline…

## Timeline

- **2019-04-29 — Start of Exclusion…**: The Resolution Professional sought…
- **2019-06-10 — End of Exclusi…**: The Resolution Professional sought…

## 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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