# In the matter of Case Cold Roll Forming Ltd. (IB)-473(PB)-2018

> NCLT judgment dated 2019-06-14. Citation: TCN-2019-NCLT-02910. The Resolution Professional filed an application to extend the time period for the Corporate…

- **Court:** NCLT
- **Order date:** 14 Jun 2019
- **Citation:** TCN-2019-NCLT-02910
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/case-cold-roll-forming-ltd-ib-473pb-2018-0e0f264e

## Summary

### Background

The Resolution Professional filed an application to extend the time period for the Corporate Insolvency Resolution Process (CIRP) by 90 days beyond the initial 180 days. The CIRP was initiated after CP No. (IB)-473(PB)/2018 was admitted on 11.12.2018. The CoC, in its meeting on 04.06.2019, authorized the resolution professional to file the application for extension of time, aiming to encourage the prospective resolution applicant to comply with provisions like Section 25(2)(h) and 29A of the Insolvency and Bankruptcy Code, 2016.

## Facts

The Oriental Bank of Commerce initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Case Cold Roll Forming Ltd. The CIRP commenced after the admission of CP No. (IB)-473(PB)/2018 on 11.12.2018. The Resolution Professional filed an application seeking a 90-day extension beyond the initial 180-day period. The Committee of Creditors (CoC) supported the extension to allow the prospective resolution applicant to comply with Section 25(2)(h) and 29A of the Insolvency and Bankruptcy Code, 2016. The CoC meeting on 04.06.2019 authorized the resolution professional to file the extension application. The court considered the application, referencing an earlier order from the Appellate Tribunal. The resolution at agenda item no. 7 has been carried out by 100%

…

## Issues and analysis

### Issue 1: Whether the time period for the Corporate Insolvency Resolution Process (CIRP) should be extended …

**Ratio:** The Adjudicating Authority has a duty to extend the CIRP period if the subject matter of

…

**Reasoning:** The court reasoned that the Adjudicating Authority had not rejected the extension on the

…

**Interpretation:** The interpretation of the Insolvency and Bankruptcy Code, 2016, suggests that

…

**Application:** In this case, the court applied the ratio by noting that the CoC supported the

…

## Parties

- **Judges:** Sh.R. Varad…; SH. S.K MOH…
- **Appellants:** Oriental Bank of…
- **Respondents:** M/s. Case Cold…

## Timeline

- **2018-12-11 — CP No. (IB)-473(PB)/2018…**: CP No. (IB)-473(PB)/2018 was admitted, and the Corporate Insolvency Resolution Process…
- **2019-04-06 — CoC Meet…**: The Committee of Creditors (CoC) held a meeting and authorized the resolution…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/case-cold-roll-forming-ltd-ib-473pb-2018-0e0f264e