# In the matter of Bhuvana Infra Projects Private Limited I.A No.439 of 2019 in C.P.(IB)No. 122-BB-2017

> NCLT judgment dated 2019-10-09. Citation: TCN-2019-NCLT-01067. The case involves a corporate insolvency resolution process (CIRP) initiated against M/s.…

- **Court:** NCLT
- **Order date:** 9 Oct 2019
- **Citation:** TCN-2019-NCLT-01067
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhuvana-infra-projects-private-limited-ia-no439-of-2019-in-cpibno-122-bb-2017-9673ff84

## Summary

### Background

The case involves a corporate insolvency resolution process (CIRP) initiated against M/s. Bhuvana Infra Projects Private Limited based on a petition filed by M/s. New Age Real Properties LLP, a financial creditor, under Section 7 of the IBC, 2016. The CIRP was initiated after the Adjudicating Authority admitted the petition on January 17, 2018. Initially, Mr. Pavan Kankani was appointed as the Interim Resolution Professional (IRP), but later, the Committee of Creditors (CoC) replaced him with Smt. Ramanathan Bhuvaneshwari as the Resolution Professional. The Resolution Professional filed multiple applications, including IA No. 269/18 under Section 66 of the Code, seeking to recover Rs. 46 Crores from the Group Company and its Directors, alleging fraudulent diversion of

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## Facts

M/s. New Age Real Properties LLP, a financial creditor, filed a company petition under Section 7 of the IBC, 2016, against M/s. Bhuvana Infra Projects Private Limited. The Adjudicating Authority admitted the petition on January 17, 2018, initiating CIRP. Mr. Pavan Kankani was initially appointed as IRP but was later replaced by Smt. Ramanathan Bhuvaneshwari as the Resolution Professional. The Corporate Debtor allegedly does not carry any business activity and is a shell company with no employees, business, or assets. The assets of the company have been diverted to group entities. The Resolution Professional filed IA No. 269/18 under Section 66 of the Code, seeking to recover Rs. 46 Crores from the Group Company and its Directors based on the Audit Report for 2016-17

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## Issues and analysis

### Issue 1: Whether the Resolution Professional is justified in …

**Ratio:** The Adjudicating Authority has the power to grant exclusion of time from the CIRP period

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**Reasoning:** The Adjudicating Authority considered the various applications filed by the Resolution

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**Interpretation:** The Adjudicating Authority has the discretion to grant exclusion of time from

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**Application:** In this case, the Adjudicating Authority initially granted exclusion of time as

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** Ramanathan…; RamanathanBhuvanes…
- **Respondents:** M/s.Bhuvana Infra…; Pratap…

## Timeline

- **2017-01-01 — Main Company Petition…**: M/s.New Age Real Properties LLP…
- **2018-01-17 — Admission…**: Adjudicating Authority admitted…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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