# In the matter of Farmville Agrovet Ltd. I.A No. 30-2020 in CP (IB) 03-GB-2018

> NCLT judgment dated 2020-03-18. Citation: TCN-2020-NCLT-01463. The case involves an application filed by the learned Liquidator for an extension of time to…

- **Court:** NCLT
- **Order date:** 18 Mar 2020
- **Citation:** TCN-2020-NCLT-01463
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/farmville-agrovet-ltd-ia-no-30-2020-in-cp-ib-03-gb-2018-b7a59fe7

## Summary

### Background

The case involves an application filed by the learned Liquidator for an extension of time to complete the liquidation process of the Corporate Debtor (CD) Company. The application seeks a 90-day extension for completing the liquidation process, citing reasons mentioned in the application.

## Facts

Multichemical Industries Pvt. Ltd. is the Operational Creditor. M/s. Farmville Agrovet Ltd. is the Corporate Debtor. Mr. Purshotam Gaggar is the IRP/Liquidator and the applicant in this matter. The Liquidator filed an application seeking a 90-day extension to complete the liquidation process of the Corporate Debtor. The tribunal considered the application and granted the extension.

## Issues and analysis

### Issue 1: Whether the application for extension of time for completing the liquidation process of the …

**Ratio:** The tribunal has the power to grant extensions of time in order to protect the interests

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**Reasoning:** The tribunal felt that it was a fit case for granting extension of time in order to

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**Interpretation:** The interpretation of the relevant provisions of the Insolvency and Bankruptcy

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**Application:** The tribunal applied this principle to the specific facts of the case,

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## Parties

- **Judges:** Hari Venkata…
- **Respondents:** M/s. Farmville…; Multichemical…

## Timeline

- **2020-03-18 — Order Del…**: Order delivered on 18th March, 2020,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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