# In the matter of AKME Projects Limited I.A. No. 3675 of 2021 in Company Petition (IB)No. 55-ND-2018

> NCLT judgment dated 2021-11-02. Citation: TCN-2021-NCLT-00611. The case involves an application (I.A. No. 3675 of 2021) filed in a Company Petition (IB No.…

- **Court:** NCLT
- **Order date:** 2 Nov 2021
- **Citation:** TCN-2021-NCLT-00611
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/akme-projects-limited-ia-no-3675-of-2021-in-company-petition-ibno-55-nd-2018-484586bf

## Summary

### Background

The case involves an application (I.A. No. 3675 of 2021) filed in a Company Petition (IB No. 55/ND/2018) under the Insolvency and Bankruptcy Code, 2016. The Resolution Professional (RP) sought an extension of 90 days for the Corporate Insolvency Resolution Process (CIRP) period, citing time lost due to ongoing litigation. The Adjudicating Authority had previously admitted the company petition against the Corporate Debtor, Akme Projects Limited, and appointed an Interim Resolution Professional. The RP was later appointed and confirmed by the Adjudicating Authority. The CIRP period had been extended previously, and the RP sought further exclusion of time due to various litigations, including those related to the 'Akme Raaga' project. The Committee of Creditors (CoC) had

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## Facts

Hari Krishna Sharma initiated insolvency proceedings against Akme Projects Limited under the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the company petition, triggering the Corporate Insolvency Resolution Process (CIRP). Mr. Anurag Sharma was initially appointed as the Interim Resolution Professional, later replaced by Mr. Jalesh Kumar Grover. The CIRP faced delays due to various litigations, including matters related to the 'Akme Raaga' project. The Resolution Professional sought extensions of the CIRP period to account for the time lost in these litigations. The Committee of Creditors (CoC) supported the application for exclusion of time. The NCLAT had previously excluded 112 days from the CIRP period. The Resolution Plan was submitted

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should grant a 90-day extension of the Corporate Insolvency …

**Ratio:** The principle is that extensions of the CIRP period should be granted judiciously,

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**Reasoning:** The Adjudicating Authority reasoned that the grounds for seeking the extension were

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**Interpretation:** The interpretation is that the Adjudicating Authority has the discretion to

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; L. N. G…
- **Appellants:** Hari Krishna…
- **Respondents:** AKME PROJECTS…

## Timeline

- **2018-04-18 — Admission of Company…**: The Adjudicating Authority admitted the Company Petition No. (IB)-55(ND) of 2018 against…
- **2019-09-12 — Appointment of…**: The Applicant was appointed as Resolution…

## 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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