# In the matter of Pawan Kumar vs. Central Bank of India & Ors.

> NCLAT judgment dated 2025-01-29. Citation: TCN-2025-NCLAT-00243. The case pertains to an application (I.A. No. 696 of 2025) in Company Appeal (AT)…

- **Court:** NCLAT
- **Order date:** 29 Jan 2025
- **Citation:** TCN-2025-NCLAT-00243
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/pawan-kumar-vs-central-bank-of-india-ors-6f465869

## Summary

### Background

The case pertains to an application (I.A. No. 696 of 2025) in Company Appeal (AT) (Insolvency) No. 1095 of 2024, filed by the Appellant seeking an extension of time to allow the OTS proposal to be accepted by the Financial Creditors. The original appeal was dismissed on 2025-01-15. Para 14 of the original judgment allowed the Financial Creditors to file an application under Section 12-A read with Regulation 30A of IBBI Regulations within two weeks if the OTS proposal was accepted. If the OTS proposal was not accepted, the IRP was to proceed with the CIRP.

## Facts

Pawan Kumar filed an appeal against Central Bank of India & Ors. The original appeal was dismissed on 2025-01-15. The Appellant submitted an OTS proposal to the Financial Creditors. The Financial Creditors were given two weeks to accept the OTS proposal and file an application under Section 12-A read with Regulation 30A of IBBI Regulations. The Appellant filed I.A. No. 696 of 2025 seeking an extension of time for the OTS proposal to be accepted. The Central Bank's counsel stated that they needed time to revise and process the proposal. The court extended the time period until 2025-02-28, after which the CIRP would commence if no application was filed.

## Issues and analysis

### Issue 1: Whether the Appellant is entitled to an extension of time to allow the OTS proposal to be accepted …

**Ratio:** The court has the discretion to grant an extension of time based on the circumstances of

…

**Reasoning:** The court considered the submissions of both the Appellant and the Central Bank, noting

…

**Interpretation:** The court interpreted the need for an extension of time in light of the ongoing

…

**Application:** The court applied its discretion to grant an extension of time until

…

## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Pawan K…
- **Respondents:** Central Bank of…

## Timeline

- **2025-01-15 — Original Appeal…**: The original appeal was…
- **2025-01-29 — Application for…**: The Appellant filed I.A. No. 696 of 2025 seeking an extension of time for the OTS…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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