# In the matter of Whispering Tower Flat Vs. Abhay Narayan Manudhane & Ors.Company Appeal (AT) (Insolvency) No. 896 of 2021

> NCLAT judgment dated 2022-01-04. Citation: TCN-2022-NCLAT-00678. The case involves three appeals filed against the same judgment dated 29.09.2021 by the…

- **Court:** NCLAT
- **Order date:** 4 Jan 2022
- **Citation:** TCN-2022-NCLAT-00678
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/whispering-tower-flat-vs-abhay-narayan-manudhane-orscompany-appeal-66bf10fd

## Summary

### Background

The case involves three appeals filed against the same judgment dated 29.09.2021 by the National Company Law Tribunal (NCLT), Mumbai Bench, which rejected I.A. No. 2118 of 2021. This application sought an extension of the Corporate Insolvency Resolution Process (CIRP). The appeals were filed by various homebuyers' associations and an ex-promoter/director of the corporate debtor, Housing Development & Infrastructure Limited (HDIL). The CIRP was initiated based on an application by Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The corporate debtor, a real estate company, had launched several housing projects. After the admission of the application under Section 7, an Interim Resolution Professional was appointed and later approved

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Housing Development & Infrastructure Limited (HDIL) based on an application by Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority approved the initiation on August 20, 2019. The CIRP was initiated because HDIL, a real estate company, defaulted on its financial obligations. The CIRP period was to end on September 15, 2021, extendable to September 30, 2021. The Resolution Professional (RP) sought an extension of the CIRP period, which was rejected by the Adjudicating Authority on September 29, 2021. The Committee of Creditors (CoC) approved a project-wise resolution strategy on September 8, 2021, dividing HDIL's assets into eight projects.

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## Issues and analysis

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

**Ratio:** The ratio is based on the Supreme Court's judgment in Committee of Creditors of Essar

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**Reasoning:** The Tribunal reasoned that the Adjudicating Authority failed to consider that the

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**Interpretation:** The interpretation is that while the IBC mandates a 330-day timeline for CIRP,

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**Application:** The ratio and reasoning apply to the specific facts because the CoC's decision

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## Parties

- **Judges:** Ashok Bh…
- **Appellants:** Whispering Towers…
- **Respondents:** Housing Developmen…; Abhay Narayan…
- **Advocates:** Soumya Roop…; Heena Gopal…; +10 more

## Timeline

- **2019-08-20 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against Housing Development…
- **2019-08-29 — Admission of Application…**: After admission of the Application under Section 7, Interim Resolution Professional was…

## 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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