# In the matter of B. B. Foods Pvt. Ltd. IA No. 126-2020 in CP No.(IB) 349-ALD-2018

> NCLT judgment dated 2020-06-03. Citation: TCN-2020-NCLT-01250. The case involves an application (IA No.126/2020) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 3 Jun 2020
- **Citation:** TCN-2020-NCLT-01250
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/b-b-foods-pvt-ltd-ia-no-126-2020-in-cp-noib-349-ald-2018-30332a4d

## Summary

### Background

The case involves an application (IA No.126/2020) filed by the Resolution Professional (RP) under Section 12(2) of the Insolvency and Bankruptcy Code (IBC), 2016, read with regulation 40 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period for an additional 90 days beyond the initial 180 days. The Corporate Debtor is M/s B.B. Food Pvt. Ltd. The CIRP was initiated following a petition filed by the Financial Creditor (Bank of India) under Section 7 of the IBC. The IRP took steps to initiate the CIRP, including public announcements and convening the Committee of Creditors (CoC).

## Facts

The Bank of India initiated CIRP against M/s B.B. Food Pvt. Ltd. under Section 7 of the IBC. The Tribunal ordered the initiation of CIRP on 22.10.2019. The IRP took steps to make public announcements and convene the first CoC meeting on 22.11.2019. An email was received stating that the NCLAT had passed an interim order on 18.11.2019 in Company Appeal (AT) (Insolvency) No.1182 of 2019 in the matter of Manesh Agarwal v/s Bank of India & Others, leading to the deferral of the CoC meeting. The NCLAT passed a final order on 22.02.2020 disposing of the Company Appeal. The IRP informed the CoC about the legal provisions of the IBC regarding the liquidation of the Corporate Debtor. The initial 180-day CIRP period was to be completed on 19.04.2020. The CoC passed a

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## Issues and analysis

### Issue 1: Whether the extension of the CIRP period for an additional 90 days beyond the initial 180 days …

**Ratio:** Section 12(2) of the IBC allows for an extension of the CIRP period beyond 180 days,

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**Reasoning:** The court considered the submissions made by the Ld. Counsel for the Applicant and was of

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

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**Application:** The court applied Section 12(2) of the IBC to the facts of the case,

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** Bank of…
- **Respondents:** M/s B.B. Food…; Manesh Ag…

## Timeline

- **2019-10-22 — Tribunal…**: Tribunal ordered the initiation of…
- **2019-11-18 — NCLAT Interi…**: NCLAT passed an interim order in Company Appeal (AT) (Insolvency) No.1182 of 2019,…

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