# In the matter of Ravi Sankar Deverakonda Vs. Committee of Creditors of Meenakshi Energy Limited CA (AT) (CH) (Ins) No. 15 of 2021

> NCLAT judgment dated 2021-03-24. Citation: TCN-2021-NCLAT-00308. The case involves an appeal against an order dated 08.01.2021 passed by the National Company…

- **Court:** NCLAT
- **Order date:** 24 Mar 2021
- **Citation:** TCN-2021-NCLAT-00308
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ravi-sankar-deverakonda-vs-committee-of-creditors-of-meenakshi-energy-limited-ca-029b59f6

## Summary

### Background

The case involves an appeal against an order dated 08.01.2021 passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, in IA No. 1079 of 2020 in CP(IB) No. 184/7/HDB/2019. The appellant, dissatisfied with the order, filed the appeal. The NCLT had observed that the Corporate Insolvency Resolution Process (CIRP) should be completed within 330 days, including extensions, and failing which, liquidation proceedings would commence. The appellant sought an extension of time to complete the CIRP from 270 to 330 days.

## Facts

Mr. Ravi Sankar Deverakonda, the appellant, filed an appeal against an order dated 08.01.2021 passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, in IA No. 1079 of 2020 in CP(IB) No. 184/7/HDB/2019. The order pertained to the Corporate Insolvency Resolution Process (CIRP) of Meenakshi Energy Limited, the corporate debtor. The Committee of Creditors (CoC) of Meenakshi Energy Limited, represented by State Bank of India, is the respondent. The NCLT had observed that the CIRP should be completed within 330 days, including extensions, and failing which, liquidation proceedings would commence. The appellant, directed by the CoC, sought an extension of time to complete the CIRP from 270 to 330 days, including the exclusion of the lockdown period in Telangana.

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## Issues and analysis

### Issue 1: Whether the 'Impugned Order' of the Adjudicating Authority was correct in issuing a direction for …

**Ratio:** The Supreme Court has struck down the word 'mandatorily' in the second proviso to Section

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**Reasoning:** The NCLAT reasoned that the Supreme Court's decision in Committee of Creditors of Essar

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**Interpretation:** The interpretation of Section 12 of the IBC, particularly the 330-day timeline

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**Application:** In this case, the NCLAT directed the NCLT to consider the appellant's

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## Parties

- **Judges:** Venugop…; V. P. S…
- **Appellants:** Mr.Ravi Sankar…
- **Respondents:** Meenakshi Energy…; Committee of…
- **Advocates:** Sumant…

## Timeline

- **2021-01-08 — Impugned…**: Order passed by the National Company Law Tribunal (NCLT), Hyderabad Bench, in IA No. 1079…
- **2021-03-24 — NCLAT Or…**: The NCLAT dismissed the appeal as withdrawn but directed the NCLT to consider IA No. 120…

## 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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