# In the matter of Concept Eduventures Pvt. Ltd. I.A. (IBC) No. 56-GB-2021 in CP (IB)-03-GB-2020

> NCLT judgment dated 2021-11-11. Citation: TCN-2021-NCLT-00535. The case involves an Interlocutory Application (IA No.56/2021) filed by the Resolution…

- **Court:** NCLT
- **Order date:** 11 Nov 2021
- **Citation:** TCN-2021-NCLT-00535
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/concept-eduventures-pvt-ltd-ia-ibc-no-56-gb-2021-in-cp-ib-03-gb-2020-2bd51eaf

## Summary

### Background

The case involves an Interlocutory Application (IA No.56/2021) filed by the Resolution Professional (RP) of the Corporate Debtor, Concept Eduventures Pvt. Ltd., seeking exclusion of 168 days from the Corporate Insolvency Resolution Process (CIRP) period. The CIRP was initiated on 26.02.2020. The RP's application is based on Section 60(5)(c) of the IBC, 2016, read with Rule 11 of NCLT Rules, citing the second wave of COVID-19 and directions from the Hon'ble Supreme Court. The CoC had resolved to liquidate the Corporate Debtor due to the absence of a resolution plan, but the Bench directed the RP to explore resolution possibilities, leading to the receipt of two EOIs from prospective resolution applicants.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated for Concept Eduventures Pvt. Ltd. on 26.02.2020. Mr. Amit Pareek was initially appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC), with M/s. Volkswagen Finance Pvt. Ltd. as the sole financial creditor, resolved to replace Mr. Amit Pareek with Mr. Kamal Agarwal. Mr. Kamal Agarwal was appointed as the RP on 09.12.2020. The estimated date of closure of the CIRP was initially 23.08.2020, but the RP sought an exclusion of 130 days, which was granted, extending the closure date to 01.01.2021. Subsequently, the RP filed an application for a further extension of 90 days, which was also granted, extending the closure date to

…

## Issues and analysis

### Issue 1: Whether the Resolution Professional's application for exclusion of 183 days from the CIRP period, …

**Ratio:** Section 60(5)(c) of the IBC, 2016 allows the NCLT to deal with any question of law or

…

**Reasoning:** The court considered the disruptions caused by the second wave of COVID-19 and the

…

**Interpretation:** The interpretation of Section 60(5)(c) and Rule 11 allows the NCLT to exercise

…

**Application:** The court applied the ratio to the specific facts of the case, noting the

…

## Parties

- **Judges:** RohitKa…; Prasanta Kumar…
- **Appellants:** Kamal Ag…
- **Respondents:** Concept Eduventure…; M/s. Concept…

## Timeline

- **2020-02-26 — CIRP Init…**: Order for initiation of CIRP of…
- **2020-05-06 — First CoC M…**: First Meeting of the Committee of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

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/concept-eduventures-pvt-ltd-ia-ibc-no-56-gb-2021-in-cp-ib-03-gb-2020-2bd51eaf