# In the matter of Core Indo Ispat Private Limited IA-359-IB-2020 in IBA-877-2019

> NCLT judgment dated 2021-05-05. Citation: TCN-2021-NCLT-02203. The Resolution Professional filed an application seeking an extension of the Corporate…

- **Court:** NCLT
- **Order date:** 5 May 2021
- **Citation:** TCN-2021-NCLT-02203
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/core-indo-ispat-private-limited-ia-359-ib-2020-in-iba-877-2019-13ec9dc6

## Summary

### Background

The Resolution Professional filed an application seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period for the Corporate Debtor. The application was filed after the Committee of Creditors (CoC) approved a 90-day extension, but the Tribunal had not granted any extension beyond the initial 180 days.

## Facts

The Corporate Insolvency Resolution Process ( CIRP ) was initiated against M/s. Core Indo Ispat Private Limited by an order dated October 4, 2019. Mr. Ramachandran Subramaniam was initially appointed as the Interim Resolution Professional and subsequently confirmed as the Resolution Professional in the first Committee of Creditors (CoC) meeting held on November 2, 2019. The CIRP was set to expire on March 31, 2020, after 180 days. At the 4th CoC meeting on March 9, 2020, the members unanimously voted to extend the CIRP for an additional 90 days from March 31, 2020. Following this approval, the Resolution Professional filed an application on March 11, 2020, seeking the Tribunal's approval for this extension. The application was filed before the initial CIRP period

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## Issues and analysis

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

**Ratio:** If the maximum period permitted for completion of the CIRP has expired and no resolution

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**Reasoning:** The Tribunal noted that the maximum period for CIRP had expired, and no resolution plan

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**Interpretation:** The Tribunal interpreted Section 33(1) of the IBC, 2016, to mean that once the

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**Application:** Since the CIRP period had exceeded 180 days and no resolution plan was

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** Ramachandran…; Resolution…
- **Respondents:** M/s. Core Indo…
- **Advocates:** Shri. S. Venkatesa…

## Timeline

- **October 4, 2019 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor,…
- **November 2, 2019 — RP Appoin…**: Applicant appointed as Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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