# In the matter of Bluefern Venture Pvt. Ltd. I.A. No. 33-2019 in CP (IB) No.05-GB-2018

> NCLT judgment dated 2019-06-13. Citation: TCN-2019-NCLT-02926. The case involves an application (I.A. No. 33/2019) filed in C.P.(IB) No. 05/GB/2018 under…

- **Court:** NCLT
- **Order date:** 13 Jun 2019
- **Citation:** TCN-2019-NCLT-02926
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bluefern-venture-pvt-ltd-ia-no-33-2019-in-cp-ib-no05-gb-2018-d1bcfcee

## Summary

### Background

The case involves an application (I.A. No. 33/2019) filed in C.P.(IB) No. 05/GB/2018 under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. Dena Bank is the Financial Creditor, and M/s. Bluefern Venture Pvt. Ltd. is the Corporate Debtor. The Resolution Professional (RP) filed the Fifth Progress Report, indicating that the Resolution Process is in progress and an Expression of Interest (EOI) has been called for by issuing a publication. The RP sought an extension of the Corporate Insolvency Resolution Process (CIRP) period beyond 180 days, which was set to expire on 2019-06-19.

## Facts

Dena Bank initiated insolvency proceedings against M/s. Bluefern Venture Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. The initial 180-day period for the Corporate Insolvency Resolution Process (CIRP) was nearing its expiry date of 2019-06-19. The Resolution Professional (RP) filed an application (I.A. No. 33/2019) seeking an extension of the CIRP period, citing that the resolution process was in progress, and an Expression of Interest (EOI) had been called for. The Committee of Creditors unanimously supported the application for extension. The court noted that the CIRP could not be finalized within the initial timeframe and that there was a possibility of identifying a Resolution Applicant.

## Issues and analysis

### Issue 1: Whether the extension of the Corporate Insolvency Resolution Process (CIRP) period beyond 180 days …

**Ratio:** The court has the discretion to extend the CIRP period if it is satisfied that the

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**Reasoning:** The court considered the RP's submission, the unanimous decision of the Committee of

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**Interpretation:** The Insolvency & Bankruptcy Code allows for the extension of the CIRP

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**Application:** In this case, the court found that the resolution process was indeed in

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## Parties

- **Judges:** Jinan…
- **Appellants:** Dena…
- **Respondents:** M/s. Bluefern…

## Timeline

- **2018-01-01 — Case Fil…**: C.P.(IB) No. 05/GB/2018…
- **2019-06-13 — Order Da…**: Order passed for…

## 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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