# In the matter of Harish Sharma vs. C & C Constructions Limited Company Appeal (AT) (Ins) No. 368 of 2023

> NCLAT judgment dated 2023-07-05. Citation: TCN-2023-NCLAT-00402. The appeal was filed by Harish Sharma, an operational creditor and lead member of a…

- **Court:** NCLAT
- **Order date:** 5 Jul 2023
- **Citation:** TCN-2023-NCLAT-00402
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/harish-sharma-vs-c-c-constructions-limited-company-appeal-d8bc4dd7

## Summary

### Background

The appeal was filed by Harish Sharma, an operational creditor and lead member of a consortium, against an order dated 08.02.2023 passed by the Adjudicating Authority (NCLT, New Delhi). The consortium sought to submit a scheme of arrangement under Section 230 of the Companies Act, 2013, for the corporate debtor, C & C Constructions Limited. The corporate debtor had entered Corporate Insolvency Resolution Process (CIRP), and by order dated 07.10.2022, was sent into liquidation. Navneet Kumar Gupta was appointed as the Liquidator. The appellant filed IA 122/2023 seeking an extension of the timeline to submit a scheme of arrangement, which was rejected by the Adjudicating Authority.

## Facts

Harish Sharma, acting as an operational creditor and lead member of a consortium, filed an appeal against an order by the NCLT rejecting an extension of time to submit a scheme of arrangement for C & C Constructions Limited, which was undergoing liquidation. The corporate debtor entered CIRP and was subsequently ordered into liquidation on 07.10.2022. Navneet Kumar Gupta was appointed as the Liquidator. Sharma, as part of a consortium, intended to propose a scheme of arrangement under Section 230 of the Companies Act, 2013. He requested access to the Virtual Data Room (VDR) but claimed delayed access hindered timely submission. The 90-day period for submitting the scheme, as per Liquidation Process Regulations, expired on 04.01.2023. The Liquidator initiated an

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in rejecting the Appellant's application for an extension …

**Ratio:** The 90-day timeline prescribed under Regulation 2-B of the Liquidation Process

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**Reasoning:** The tribunal reasoned that the appellant failed to demonstrate any concrete evidence of a

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**Interpretation:** Section 230 of the Companies Act, 2013, allows for a scheme of compromise or

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**Application:** In this case, the appellant sought an extension of time to submit a scheme of

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## Parties

- **Judges:** Rakesh…; Alok Sriv…
- **Appellants:** Harish S…
- **Respondents:** C & C Construction…

## Timeline

- **2022-10-07 — Liquidation…**: The corporate debtor, C & C Constructions Limited, was sent into liquidation by order of…
- **2022-10-26 — Invitation for…**: The Liquidator published a notice inviting submission of a scheme of arrangement under…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61(1) — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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