# In the matter of Crest Steels & Power Pvt. Ltd. TP No. 205-CTB-2019, (CP (IB) No. 1664-MB-2017) IA No. 65-CTB-2020, MA No. 82-CTB-2020

> NCLT judgment dated 2020-03-02. Citation: TCN-2020-NCLT-01730. The case involves an application filed by the Resolution Professional under Section 60(5) of…

- **Court:** NCLT
- **Order date:** 2 Mar 2020
- **Citation:** TCN-2020-NCLT-01730
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/crest-steels-power-pvt-ltd-tp-no-205-ctb-2019-cp-ib-no-1664-mb-2017-ia-no-65-ctb-b9449baa

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the exclusion of a period of 21 days from the order dated 13.08.2019. The order of admission was passed by the Hon'ble NCLT, Mumbai Bench dated 11.03.2019. The Interim Resolution Professional (IRP) was appointed on 22.04.2019. An earlier order dated 05th September, 2019, clarified that the commencement of the Corporate Insolvency Resolution Process (CIRP) would be from 22.04.2019. The applicant filed CA No. 77/CTB/2019 for the exclusion of 57 days from the CIRP, which was allowed by the Adjudicating Authority on 16.01.2020. The CIRP was scheduled to end on 14th March, 2020. The applicant stated that a Resolution Plan was

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## Facts

The Resolution Professional filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the exclusion of 21 days from the CIRP period. The initial order admitting the case was passed by the NCLT, Mumbai Bench on 11.03.2019. The IRP was appointed on 22.04.2019. The commencement date of the CIRP was clarified as 22.04.2019. The applicant had previously filed CA No. 77/CTB/2019, seeking the exclusion of 57 days, which was granted on 16.01.2020. The CIRP was scheduled to end on 14.03.2020. The Resolution Professional cited the progress of a Resolution Plan and a fire incident at the Corporate Debtor's power plant on 18.09.2019 as reasons for needing the extension. The CoC unanimously agreed to the application for exclusion in a meeting

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should grant the exclusion of 21 days from the Corporate …

**Ratio:** The ratio is based on the principle that the Adjudicating Authority has the discretion to

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**Reasoning:** The court reasoned that there was scope for the revival of the Corporate Debtor and

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**Interpretation:** The interpretation of Section 60(5) of the Insolvency and Bankruptcy Code,

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Sucharitha…; Satya Ranjan…
- **Respondents:** Crest Steels &…; Sourya Sund…

## Timeline

- **2019-03-11 — Order of Ad…**: The Hon'ble NCLT, Mumbai Bench…
- **2019-04-22 — Appointment…**: Interim Resolution…

## 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)

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