# 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-00606. 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-00606
- **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-a342a0c7

## 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) due to time lost in 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. The CIRP period had been extended previously, and the RP sought further exclusion of time due to ongoing litigations, particularly related to the 'Akme Raaga' project. The Committee of Creditors (CoC) approved the filing of the application for exclusion of

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## Facts

Hari Krishna Sharma initiated a corporate insolvency resolution process (CIRP) against Akme Projects Limited under the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the company petition and appointed an Interim Resolution Professional, later replaced by a Resolution Professional (RP). The RP convened meetings of the Committee of Creditors (CoC) and sought extensions of the CIRP period due to time lost in various litigations, particularly those related to the 'Akme Raaga' project. The NCLAT had previously excluded a period of 112 days from the CIRP. The RP filed an application seeking a further exclusion of 90 days, citing ongoing litigations, including those involving YES Bank, Grandstar Realty, and flat buyers of the 'Akme Raaga' project.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should grant an extension/exclusion of 90 days to the CIRP …

**Ratio:** The principle is that once a prayer for extension/exclusion has been allowed on

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**Reasoning:** The Adjudicating Authority reasoned that the grounds for seeking the 90-day extension

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**Interpretation:** This interpretation emphasizes the need for finality and efficiency in the CIRP

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**Application:** The Adjudicating Authority applied this principle to the facts by noting that

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; L. N. G…
- **Respondents:** AKME PROJECTS…
- **Advocates:** Abhishek…; Tanveer O…; +1 more

## 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 5(7) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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