# In the matter of Indiabulls Housing Finance Limited Vs. Sandeep Chandna & Ors. Company Appeal (AT) (Insolvency) No. 619 of 2021 & I.A. No. 1818 of 2021

> NCLAT judgment dated 18 Jan 2022. Citation: TCN-2022-NCLAT-00664. The present appeal challenges an order dated August 3, 2021, passed by the National Company…

- **Court:** NCLAT
- **Order date:** 18 Jan 2022
- **Citation:** TCN-2022-NCLAT-00664
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/indiabulls-housing-finance-limited-vs-sandeep-chandna-ors-company-appeal-4a589fe0

## Summary

### Background

The present appeal challenges an order dated August 3, 2021, passed by the National Company Law Tribunal (NCLT), New Delhi, Court-III. The NCLT, exercising its powers under Rule 11 of the NCLT Rules, 2016, and Regulation 40(c) of the IBBI (CIRP) Regulations, 2016, had excluded a period of 87 days from the calculation of the 180-day Corporate Insolvency Resolution Process (CIRP) period. This exclusion was sought by the Interim Resolution Professional (IRP) on the grounds that the COVID-19 pandemic had impacted the process and that certain periods were lost due to a stay order and lockdown.

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## Facts

On December 21, 2020, a Section 7 petition filed by Vistra ITCL (India) Ltd. against Ambience Private Limited was admitted, initiating the Corporate Insolvency Resolution Process (CIRP) on December 23, 2020. A public announcement was subsequently made in accordance with the IBBI Regulations, 2016. Following this, on January 7, 2021, Mr. Raj Singh Gehlot, a Director of the Corporate Debtor, filed an appeal against the admission order, designated as Company Appeal (AT) (Insolvency) No. 06 of 2021.

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## Issues and analysis

### Issue 1: Whether the approval of the Committee of Creditors (CoC) under Section 12(2) of the Insolvency and…

**Ratio:** The legal rule laid down is that while 'extension' of the CIRP period under Section 12(2)…

**Reasoning:** The Tribunal reasoned that there is a clear distinction between 'extension' and…

**Interpretation:** The court interpreted Section 12(2) as specifically governing 'extensions' of…

**Application:** Applying this interpretation, the Tribunal found that the IRP's action of…

## Parties

- **Judges:** Shreesha…
- **Advocates:** For Appel…; Avni Sh…; +10 more

## Timeline

- **December 21, 2020 — CIRP Commen…**: Section 7 Petition filed by Vistra ITCL (India) Ltd. against Ambience Private Limited was…
- **January 18, 2021 — NCLAT Stay…**: This Tribunal restrained the CoC from proceeding further until the next hearing date in…

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