# In the matter of Ganeshom Cereals Priavte Limited CA No. 440-2019 in CP (IB) No. 45-Chd-Hry-2018

> NCLT judgment dated 2019-06-14. Citation: TCN-2019-NCLT-02897. The case pertains to an application under Section 12(2) of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 14 Jun 2019
- **Citation:** TCN-2019-NCLT-02897
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ganeshom-cereals-priavte-limited-ca-no-440-2019-in-cp-ib-no-45-chd-hry-2018-959e84cc

## Summary

### Background

The case pertains to an application under Section 12(2) of the Insolvency and Bankruptcy Code (IBC) read with Regulation 40 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Resolution Professional sought an order for extension. The Committee of Creditors (COC) approved the extension with 100% voting. The expression of interest was advertised, and the last date for furnishing the resolution plan was 29.07.2019.

## Facts

Allahabad Bank, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Ganeshom Cereals Private Limited, the Corporate Debtor. Vivek Kumar Arora, the Resolution Professional, applied for an extension of time under Section 12(2) of the IBC. The Committee of Creditors (COC) approved the extension with 100% voting. The last date for furnishing the resolution plan was 29.07.2019. The court considered the facts, circumstances, and progress of the case before granting a 90-day extension.

## Issues and analysis

### Issue 1: Whether the application for extension under …

**Ratio:** Section 12(2) of the IBC allows for an extension of the CIRP period beyond 180 days,

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**Reasoning:** The court considered the COC's approval with 100% voting and the progress of the case.

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**Interpretation:** Section 12(2) provides a mechanism for extending the CIRP period when

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**Application:** Given the COC's approval and the ongoing CIRP, the court applied Section 12(2)

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## Parties

- **Judges:** M.K. Sh…; Pradeep R.…
- **Appellants:** Allahabad…
- **Respondents:** M/s. Ganeshom…

## Timeline

- **2018-01-01 — Initiation…**: CIRP initiated vide CP…
- **2019-06-14 — Order for Ex…**: Court granted a 90-day extension…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12(2) — Time-limit for completion of insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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