# In the matter of Bhuvana Infra Projects Pvt. Ltd. I.A. No. 65 of 2021 in C.P. (IB)No. 122-BB-2017

> NCLT judgment dated 2021-03-09. Citation: TCN-2021-NCLT-02771. The case involves an application (I.A. No. 65 of 2021) filed in a corporate insolvency…

- **Court:** NCLT
- **Order date:** 9 Mar 2021
- **Citation:** TCN-2021-NCLT-02771
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhuvana-infra-projects-pvt-ltd-ia-no-65-of-2021-in-cp-ibno-122-bb-2017-7022acb5

## Summary

### Background

The case involves an application (I.A. No. 65 of 2021) filed in a corporate insolvency resolution process (CIRP) initiated against M/s. Bhuvana Infra Projects Pvt. Ltd. The CIRP was initiated by M/s. New Age Real Properties LLP under Section 7 of the IBC, 2016. After the initial IRP was replaced, the RP could not achieve any resolution plans, leading to an application for liquidation. Mr. Vijay Pitamber Lulla was appointed as the Liquidator. The Liquidator sought an exclusion of time lost due to the COVID-19 lockdown from the liquidation period and an extension of the liquidation period.

## Facts

M/s. New Age Real Properties LLP initiated CIRP against M/s. Bhuvana Infra Projects Pvt. Ltd. under Section 7 of the IBC, 2016. The CIRP was admitted on 2018-01-17. Mr. Pavan Kankani was initially appointed as IRP, later replaced by Smt. Ramanathan Bhuvaneshwari. No resolution plan was received, leading to a liquidation application. Mr. Vijay Pitamber Lulla was appointed as Liquidator on 2019-12-10. The Liquidator issued a public announcement on 2019-12-21. Bank of Maharashtra is the sole financial creditor. The Liquidator faced difficulties in locating and valuing assets and recovering dues from debtors. The Bank of Maharashtra initially intended to enforce security interest under SARFAESI Act but later confirmed no hypothecation on Plant & Machinery. The

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## Issues and analysis

### Issue 1: Whether the period of lockdown imposed due to the COVID-19 pandemic should be excluded from the …

**Ratio:** Regulation 47A of the IBBI (Liquidation Process) Regulations, 2016, stipulates that the

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**Reasoning:** The court reasoned that due to the lockdown, business activity and movement of men and

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**Interpretation:** Regulation 47A provides a specific exemption for the period of lockdown,

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**Application:** The court applied Regulation 47A to the facts of the case, excluding 129 days

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s New Age Real…
- **Respondents:** Bhuvana Infra…
- **Advocates:** Raina B…; Vijay Pitambaer…; +1 more

## Timeline

- **2017-01-01 — CP(IB) No. 122/BB/2017…**: Company Petition bearing C.P.(IB) No.122/BB/2017 was filed by M/s. New Age Real…
- **2018-01-17 — Admission…**: The Adjudicating Authority admitted the petition for initiating CIRP and appointed Mr.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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