# In the matter of Global Houseware Limited CP IB-73(PB)2017

> NCLT judgment dated 2018-01-25. Citation: TCN-2018-NCLT-01898. The case involves an application filed by the Resolution Professional (RP) seeking an extension…

- **Court:** NCLT
- **Order date:** 25 Jan 2018
- **Citation:** TCN-2018-NCLT-01898
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/global-houseware-limited-cp-ib-73pb2017-6f9b1efe

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking an extension of time to complete the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor's insolvency petition was admitted, and an Interim Resolution Professional (IRP) was appointed. Subsequently, the Insolvency and Bankruptcy Board of India suggested a change of IRP, leading to the appointment of Shri Vijender Sharma as the present RP. Due to delays in the process, the RP sought an extension of time from 180 to 270 days, filing Application No.CA 402(PB)/2017. This application was filed after the initial 180-day period expired. The RP also filed a petition for condonation of delay.

## Facts

Anant Overseas Pvt. Ltd. filed an insolvency petition against Global Houseware Limited as an Operational Creditor. The petition was admitted, and an IRP was appointed. Subsequently, Shri Vijender Sharma was appointed as the RP. The RP filed an application (CA 402(PB)/2017) seeking an extension of the CIRP period from 180 to 270 days, which was filed after the initial 180-day period had expired. The RP also sought condonation of delay. The application was heard on 2017-11-22, and the order was pronounced on 2018-01-16. The RP argued that a further extension of 90 days was necessary, as the initial 90-day extension was expiring on 2018-01-28. The Committee of Creditors had the power to extend the period of CIRP beyond 180 days based on a resolution passed by the

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## Issues and analysis

### Issue 1: Whether the Tribunal has the power to extend the Corporate Insolvency Resolution Process (CIRP) …

**Ratio:** Section 12(2) of the IBC, 2016, allows the Tribunal to extend the CIRP period beyond 180

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**Reasoning:** The Tribunal reasoned that while Section 12(2) grants the power to extend the CIRP

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**Interpretation:** The interpretation of Section 12 of the IBC involves balancing the need for

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**Application:** In this specific case, the RP sought an extension that would have exceeded the

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## Parties

- **Judges:** R. VARADH…; DeepaKr…
- **Appellants:** Anant Overseas…
- **Respondents:** Global Houseware…

## Timeline

- **2017-05-03 — Initial…**: The Operational Creditor's insolvency petition was admitted by the Hon'ble Principal…
- **2017-05-03 — IRP Appoi…**: Mr. Ashwani Kumar was appointed as the…

## 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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