# In the matter of Bharat NRE Coke Limited CA(IB)No. 1629-KB-2019 in CP (IB) No. 1340-KB-2018

> NCLT judgment dated 2019-12-11. Citation: TCN-2019-NCLT-00235. The case involves an application for the initiation of Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 11 Dec 2019
- **Citation:** TCN-2019-NCLT-00235
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bharat-nre-coke-limited-caibno-1629-kb-2019-in-cp-ib-no-1340-kb-2018-a67f40e1

## Summary

### Background

The case involves an application for the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application was filed against Bharat NRE Coke Limited, the Corporate Debtor, by Jindal Steel and Power Limited, the Financial Creditor. The Resolution Professional (RP), Mr. Samir Kumar Bhattacharyya, filed an application under Section 12(2) of the IBC seeking exclusion of 60 days from the CIRP period, arguing that these days were wasted due to pending legal proceedings. The Corporate Debtor was admitted into CIRP on 2019-03-11. The CIRP period of 180 days was completed on 2019-09-06. The CIRP

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## Facts

Jindal Steel and Power Limited initiated Corporate Insolvency Resolution Process (CIRP) against Bharat NRE Coke Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor was admitted into CIRP on 2019-03-11. The Resolution Professional (RP), Mr. Samir Kumar Bhattacharyya, filed an application seeking exclusion of 60 days from the CIRP period, citing delays due to pending legal proceedings. The CIRP period of 180 days completed on 2019-09-06. The CIRP period was extended for 90 days and CIRP of 270 days completed on 2019-12-05. The RP and the CoC did not receive any resolution plan for the Corporate Debtor till date. An appeal against the admission of the Corporate Debtor in CIRP was pending before the NCLAT. The Appellate Tribunal

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## Issues and analysis

### Issue 1: Whether the application for exclusion of 60 days from the Corporate Insolvency Resolution Process …

**Ratio:** The second proviso to Section 12(3) of the IBC mandates that the CIRP must be completed

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**Reasoning:** The court reasoned that the pendency of the appeal against the admission of the Corporate

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**Interpretation:** Section 12(3) of the IBC, as amended, sets a strict timeline for the completion

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**Application:** In this case, the court found that the RP and CoC did not make sufficient

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Respondents:** Bharat NRE Coke…

## Timeline

- **2019-03-11 — Admission in…**: The Corporate Debtor was admitted into…
- **2019-09-06 — Completion of 180 days…**: CIRP period of 180 days…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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