# 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-02340. The case pertains to 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-02340
- **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-2018-99ea4dee

## Summary

### Background

The case pertains to 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) in its 4th meeting held on 17.07.2019, passed a resolution seeking an extension of 90 days and authorized the Resolution Professional (RP) to file the application.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Pani Logistics. The initial 180-day statutory period for the CIRP expired on 23.07.2019. The Resolution Professional (RP) filed IA 403/2019 seeking an extension of 90 days beyond the initial 180 days, under Section 12(2) of the IB Code. The Committee of Creditors (COC) held its 4th meeting on 17.07.2019, where it passed a resolution with 94.51% voting share, seeking an extension of time for a further period of 90 days and authorized the RP to file the application. The application for extension was also filed on 23.07.2019.

## Issues and analysis

### Issue 1: Whether sufficient reasons exist to grant an extension of the Corporate Insolvency Resolution …

**Ratio:** Section 12(2) of the Insolvency and Bankruptcy Code (IB Code) allows for the extension of

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**Reasoning:** The court reasoned that the Committee of Creditors (COC) had passed a resolution with a

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**Interpretation:** Section 12(2) of the IB Code is interpreted to allow for flexibility in the

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**Application:** In this case, the court applied the ratio by considering the COC's resolution

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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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