# In the matter of Bulland Builtech Pvt.Ltd, IA-2825/2021,IA-3174/2021,IA-4998/2021,IA-5089/2021 in (IB)1744 (ND)2019

> NCLT judgment dated 2021-11-08. Citation: TCN-2021-NCLT-00581. The case involves an application for the extension of the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 8 Nov 2021
- **Citation:** TCN-2021-NCLT-00581
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bulland-builtech-pvtltd-ia-28252021ia-31742021ia-49982021ia-50892021-in-ib1744-n-4d34a7b2

## Summary

### Background

The case involves an application for the extension of the Corporate Insolvency Resolution Process (CIRP) period and other applications related to the insolvency proceedings of Bulland Buildtech Pvt. Ltd. Canara Bank is the applicant/petitioner, and Bulland Buildtech Pvt. Ltd. is the respondent. The ex-IRP has submitted that he would abide by the orders of the Court and is prepared to receive a consolidated fee of Rs. 2 Lakh per month for the service rendered by him from 22.03.2021 to 30.06.2021.

## Facts

Canara Bank initiated insolvency proceedings against Bulland Buildtech Pvt. Ltd. under Section 7 of the IBC, 2016. An application (IA-5089/2021) was filed to extend the CIRP period by 90 days from 31.10.2021, which the court allowed. The ex-IRP stated his willingness to abide by the court's orders and receive a consolidated fee of Rs. 2 Lakh per month for services rendered from 22.03.2021 to 30.06.2021 (IA-2825/2021). Notice was issued to the respondents (IA-4998/2021), requiring them to file an affidavit of service. The matter was listed for further hearing on December 13, 2021 (IA-3174/2021).

## Issues and analysis

### Issue 1: Whether the application for the extension …

**Ratio:** The court has the discretion to extend the CIRP period based on the circumstances of the

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**Reasoning:** The court, after hearing the Counsel for the Applicant, found it appropriate to allow the

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**Interpretation:** The CIRP period can be extended if there are valid reasons and the extension is

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**Application:** The court applied its discretion to allow the extension of the CIRP period by

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## Parties

- **Judges:** Shri. Bhaskara…; Shri. L. N.…
- **Appellants:** Canara…
- **Respondents:** Bulland Buildtech…; M/s. Bulland…

## Timeline

- **2021-11-08 — Order Del…**: Order delivered on…
- **2021-10-31 — CIRP Extension…**: Application filed for extension of CIRP…

## 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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