# In the matter of Riddhi Siddhi Gluco Biols Limited vs. Sunit Jagdishchandra Shah

> NCLAT judgment dated 2025-03-07. Citation: TCN-2025-NCLAT-00178. The appeal arises from an order dated 27.11.2024, passed by the Adjudicating Authority,…

- **Court:** NCLAT
- **Order date:** 7 Mar 2025
- **Citation:** TCN-2025-NCLAT-00178
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/riddhi-siddhi-gluco-biols-limited-vs-sunit-jagdishchandra-shah-ac07e424

## Summary

### Background

The appeal arises from an order dated 27.11.2024, passed by the Adjudicating Authority, National Company Law Tribunal, Ahmedabad Bench-II, approving a resolution plan for the Corporate Debtor. The Appellant, an Operational Creditor, challenges the approval of the resolution plan, alleging violations of Section 12 of the Insolvency and Bankruptcy Code (IBC) due to repeated extensions of the Corporate Insolvency Resolution Process (CIRP) beyond 330 days and procedural irregularities.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 07.12.2022, and an Interim Resolution Professional (IRP) was appointed. The IRP constituted a Committee of Creditors (CoC) comprising two Secured Financial Creditors and two Unsecured Financial Creditors. The first CoC meeting was held on 13.01.2023. Form-G was published on 10.03.2023. The initial CIRP period of 180 days expired on 05.06.2023, and the Resolution Professional (RP) filed an application for an extension, which was granted for 90 days on 19.06.2023. The CoC resolved to extend the CIRP period beyond 270 days on 29.08.2023, which was allowed by the Adjudicating Authority on 06.10.2023. The 17th CoC meeting on 19.10.2023 directed the RP to file for a further

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in approving the resolution plan after the expiry of 330 …

**Ratio:** The Adjudicating Authority is empowered to extend the CIRP period beyond 330 days if the

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**Reasoning:** The NCLAT noted that the Adjudicating Authority had already approved the extension of the

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**Interpretation:** The judgment of the Hon'ble Supreme Court in Committee of Creditors of Essar

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**Application:** In this case, the CoC had taken a considered decision to seek further

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** M/s Riddhi Siddhi…
- **Respondents:** Shree Rajeshwarana…; Sunit Jagdishchand…

## Timeline

- **2022-12-07 — CIRP Init…**: CIRP of the Corporate Debtor was…
- **2023-01-13 — First CoC M…**: The first CoC meeting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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