# In the matter of Ganga Advisory Pvt. Ltd. IA 433-2019 in C.P. (IB) No. 238-NCLT-AHM-2018

> NCLT judgment dated 2019-07-24. Citation: TCN-2019-NCLT-02332. The case involves IA 433/2019 filed in C.P. (I.B) No. 238/NCLT/AHM/2018 before the National…

- **Court:** NCLT
- **Order date:** 24 Jul 2019
- **Citation:** TCN-2019-NCLT-02332
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ganga-advisory-pvt-ltd-ia-433-2019-in-cp-ib-no-238-nclt-ahm-2018-1822dc4f

## Summary

### Background

The case involves IA 433/2019 filed in C.P. (I.B) No. 238/NCLT/AHM/2018 before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The application seeks an extension of time for the Corporate Insolvency Resolution Process (CIRP) beyond the initial 180-day period. The Committee of Creditors (COC) has passed a resolution in its 4th meeting held on 17.07.2019 seeking an extension of time for a further period of 90 days and has duly authorized the RP for the same.

## Facts

The case pertains to an application (IA 433/2019) filed in connection with a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). The initial 180-day statutory period for the CIRP expired on 23.07.2019, and the instant application was also filed on 23.07.2019. The Committee of Creditors (COC) held its 4th meeting on 17.07.2019, where they passed a resolution seeking a 90-day extension of the CIRP period, authorizing the Resolution Professional (RP) to pursue the same. This resolution was supported by 94.51% of the COC voting. The application before the NCLT seeks formal approval for this extension.

## Issues and analysis

### Issue 1: Whether sufficient reasons exist to grant an extension of 90 days to the CIRP period beyond the …

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

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**Reasoning:** The court reasoned that the COC had already approved the extension with a significant

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**Interpretation:** The interpretation of Section 12(2) emphasizes the importance of the COC's

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**Application:** In this specific case, the court applied the ratio by acknowledging the COC's

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Respondents:** Pani Logi…; Haresh Babulal…

## Timeline

- **2019-07-17 — COC Meet…**: The Committee of Creditors (COC) held its 4th meeting and passed a resolution seeking an…
- **2019-07-23 — Expiry of Statutory…**: The initial statutory period of…

## 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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