# In the matter of Ambojini Property Developers Private Limited IA-278-IB-2020 in CP-938-IB-2018

> NCLT judgment dated 2020-12-10. Citation: TCN-2020-NCLT-00109. The case pertains to an application (IA/278/IB/2020) filed in CP/938/IB/2018 under Section…

- **Court:** NCLT
- **Order date:** 10 Dec 2020
- **Citation:** TCN-2020-NCLT-00109
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ambojini-property-developers-private-limited-ia-278-ib-2020-in-cp-938-ib-2018-8557a077

## Summary

### Background

The case pertains to an application (IA/278/IB/2020) filed in CP/938/IB/2018 under Section 12(2) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 40(2) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application was filed by the Resolution Professional of M/s. Ambojini Property Developers Private Limited, seeking an extension of the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated against the Corporate Debtor on 10.09.2019. The Resolution Professional was appointed on 22.10.2019. An application was moved by ASK Investment Managers Limited alleging that their status as a member of CoC was not crystallized by the RP. The Tribunal held that ASK Investment Managers Limited was not a related

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## Facts

M/s. Ambojini Property Developers Private Limited is undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated on 10.09.2019. Mr. Anil Kumar Khicha is the Resolution Professional (RP). The RP filed an application (IA/278/IB/2020) seeking an extension of the CIRP period by 90 days under Section 12(2) of the Insolvency and Bankruptcy Code, 2016. The initial CIRP period of 180 days was expiring on 08.03.2020. An application was moved by ASK Investment Managers Limited alleging that their status as a member of CoC was not crystallized by the RP. The Tribunal held that ASK Investment Managers Limited was not a related party to the Corporate Debtor and hence shall be included in the CoC. The RP received 162 claims from Home Buyers (FC), one claim from

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## Issues and analysis

### Issue 1: Whether the application for extension of the Corporate Insolvency Resolution Process (CIRP) period …

**Ratio:** Section 12(2) of the Insolvency and Bankruptcy Code, 2016 allows for the extension of the

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**Reasoning:** The Tribunal considered the provisions of Section 12(2) of the IBC and the fact that the

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**Interpretation:** Section 12(2) of the IBC provides a mechanism for extending the CIRP period,

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**Application:** In this case, the Tribunal allowed the application for extension of the CIRP

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** ANIL KUMAR…
- **Respondents:** Ambojini Property…

## Timeline

- **2019-09-10 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2019-10-03 — Constitution of…**: The IRP on analysis of the claims received has…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12(2) — Time-limit for completion of insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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