# In the Next Orbit Ventures Vs. Print House (India) Pvt. Ltd. & Anr. CA(AT)(Insolvency)No. 861 of 2019

> NCLAT judgment dated 2019-11-13. Citation: TCN-2019-NCLAT-00153. The case involves a Company Appeal (AT) (Insolvency) No. 861 of 2019 filed before the…

- **Court:** NCLAT
- **Order date:** 13 Nov 2019
- **Citation:** TCN-2019-NCLAT-00153
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/in-the-next-orbit-ventures-vs-print-house-08808eec

## Summary

### Background

The case involves a Company Appeal (AT) (Insolvency) No. 861 of 2019 filed before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The appeal arises from the 'Corporate Insolvency Resolution Process' against ‘Print House (India) Private Limited’ (‘Corporate Debtor'). A Miscellaneous Application was filed by ‘Sify Technologies Limited' for additional information from the 'Resolution Professional' to enable the submission of a ‘Resolution Plan’. The prayer was to condone the delay in submitting the ‘Resolution Plan’. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, directed the ‘Committee of Creditors' to convene a meeting to consider the ‘Resolution Plan' submitted by ‘Sify Technologies Limited'. Another Miscellaneous Application

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## Facts

M/s. Next Orbit Ventures filed an appeal against the order related to the Corporate Insolvency Resolution Process of Print House (India) Private Limited. Sify Technologies Limited filed a Miscellaneous Application seeking additional information to submit a Resolution Plan and requested condonation of delay. The Adjudicating Authority directed the Committee of Creditors to convene a meeting to consider Sify Technologies Limited's plan. Honest Orbit Ventures also filed an application to have their Resolution Plan considered. The appellant, another Resolution Applicant, objected to Sify Technologies Limited's plan, arguing it was unrealistic due to a lack of information. The last date for submission of the Resolution Plan was July 10, 2019. The I&B Code was amended,

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## Issues and analysis

### Issue 1: Whether the impugned order dated 7th August, 2019, should be interfered with, considering the …

**Ratio:** The amendment to Section 12 of the ‘I&B Code’ provides additional time for completing

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**Reasoning:** The court noted that the amendment to Section 12 of the ‘I&B Code’ allows for 90 days

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**Interpretation:** Section 12 of the I&B Code sets a time limit for the completion of the

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**Application:** Given the amendment, the court was not inclined to interfere with the impugned

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +2 more
- **Appellants:** M/s. Next Orbit…
- **Respondents:** Print House…; Print House…
- **Advocates:** Ramji Srin…; Ajay K.…; +4 more

## Timeline

- **2019-07-10 — Last date for…**: The last date for submission of the…
- **2019-07-14 — Expiry of 2…**: 270 days was to expire…

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