# In the matter of Forward Shoes India Pvt. Ltd.

> NCLT judgment dated 2018-01-16. Citation: TCN-2018-NCLT-01929. The Resolution Professional filed an application seeking an extension of 90 days for the…

- **Court:** NCLT
- **Order date:** 16 Jan 2018
- **Citation:** TCN-2018-NCLT-01929
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/forward-shoes-india-pvt-ltd-129304dd

## Summary

### Background

The Resolution Professional filed an application seeking an extension of 90 days for the Corporate Insolvency Resolution Process (CIRP) for M/s. Forward Shoes (India) Private Limited. An initial 30-day extension had already been granted and expired. The Operational Creditor objected to this further extension.

## Facts

The Resolution Professional (RP) filed an application, CA/41/IB/2017, in TCP/205/IB/CB/2017, seeking a further extension of 90 days for the Corporate Insolvency Resolution Process ( CIRP ) of M/s. Forward Shoes (India) Private Limited. This application was filed under Rule 11 of NCLT Rules, 2016, read with Sections 12, 14, 31, and 60 of the Insolvency and Bankruptcy Code, 2016. An initial extension of 30 days had already been granted by the Adjudicating Authority, effective from December 15, 2017, which had since expired. The RP submitted that a tentative Resolution Plan was in place, proposed by M/s. Acestar Properties Private Limited, a wholly-owned subsidiary of M/s. XS Real Properties Private Limited, interested in real estate development. This tentative plan was

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## Issues and analysis

### Issue 1: Whether the Resolution Professional provided sufficient justification for the extension of the …

**Ratio:** The Adjudicating Authority is satisfied that the CIRP could not be completed within 180

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**Reasoning:** The NCLT noted that the CoC, in its second meeting on November 1, 2017, had authorized

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**Interpretation:** The court interpreted the role of the Operational Creditor as limited to filing

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**Application:** Given the CoC's resolution and the existence of a tentative resolution plan,

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Appellants:** BRASHER BOOT…; M/s. Brasher Boot…
- **Respondents:** Forward Shoes…; M/s. Forward…
- **Advocates:** For Operational…; T.K. Bh…; +8 more

## Timeline

- **November 1, 2017 — Second CoC…**: The Committee of Creditors (CoC) held its second meeting and resolved to authorize the…
- **December 6, 2017 — Initial CIRP Extension…**: The Adjudicating Authority granted an initial extension of 30 days for the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12 — Time-limit for completion of insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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