# In the matter of Quantum Limited (Corporate Debtor) Vs. Indus Finance Corporation Limited CA (AT) (Insolvency) No. 35-2018

> NCLAT judgment dated 2018-02-20. Citation: TCN-2018-NCLAT-00373. The appeal was filed by Quantum Limited, the Corporate Debtor, through its Resolution…

- **Court:** NCLAT
- **Order date:** 20 Feb 2018
- **Citation:** TCN-2018-NCLAT-00373
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/quantum-limited-corporate-debtor-vs-indus-finance-corporation-limited-ca-5eb97c16

## Summary

### Background

The appeal was filed by Quantum Limited, the Corporate Debtor, through its Resolution Professional, against an order dated December 18, 2017, passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench. The Adjudicating Authority rejected the application for extension of time to complete the Corporate Insolvency Resolution Process (CIRP) beyond the initial 180 days, stating that there was no provision to file such an application after the expiry of the 180-day period. The Adjudicating Authority noted that the application for extension was filed on November 30, 2017, based on a resolution dated November 24, 2017, passed by the Committee of Creditors (COC). The Adjudicating Authority observed that the 180-day CIRP period had already expired on

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## Facts

Quantum Limited, the Corporate Debtor, initiated an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, on December 18, 2017. The Adjudicating Authority rejected an application for extending the Corporate Insolvency Resolution Process (CIRP) period beyond the initial 180 days. The Adjudicating Authority reasoned that the application for extension was filed after the 180-day CIRP period had already expired on November 25, 2017. The application for extension was based on a resolution passed by the Committee of Creditors (COC) on November 24, 2017, seeking an extension of time. The Resolution Professional had moved the application. The Adjudicating Authority stated that there was no provision to file such an

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## Issues and analysis

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

**Ratio:** The Adjudicating Authority has the power to extend the CIRP period up to 90 days beyond

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**Reasoning:** The NCLAT reasoned that Section 12(2) of the IBC does not explicitly state that the

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**Interpretation:** Section 12(2) of the IBC should be interpreted to allow for the possibility of

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**Application:** In this case, the Committee of Creditors had passed a resolution within the

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Respondents:** Quantum L…; Indus Finance…

## Timeline

- **2017-12-18 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, passed an order…
- **2017-11-30 — Application for…**: The Resolution Professional filed an…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12 — Time-limit for completion of insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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