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

> NCLT judgment dated 2018-01-25. Citation: TCN-2018-NCLT-01899. The case involves an application filed by the Insolvency Resolution Professional (IRP)…

- **Court:** NCLT
- **Order date:** 25 Jan 2018
- **Citation:** TCN-2018-NCLT-01899
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/global-houseware-limited-cp-ib-73pb2017-83223a13

## Summary

### Background

The case involves an application filed by the Insolvency Resolution Professional (IRP) regarding the Corporate Insolvency Resolution Process (CIRP) of Global Houseware Limited. The Operational Creditor, Anant Overseas Pvt. Ltd., filed the insolvency petition, which was admitted by the Hon'ble Principal Bench. Mr. Ashwani Kumar was initially appointed as the IRP, but later, Shri Vijender Sharma was suggested as the new Resolution Professional by the Insolvency and Bankruptcy Board of India. The present RP sought an extension of time from 180 days to 270 days to complete the CIRP, filing Application No.CA 402(PB)/2017. This application was filed after the initial 180-day period had expired.

## Facts

Anant Overseas Pvt. Ltd., the Operational Creditor, initiated insolvency proceedings against Global Houseware Limited. The insolvency petition was admitted by the Hon'ble Principal Bench. Initially, Mr. Ashwani Kumar was appointed as the IRP, but Shri Vijender Sharma replaced him following a suggestion from the Insolvency and Bankruptcy Board of India. The Resolution Professional sought an extension of the CIRP period from 180 to 270 days, filing Application No.CA 402(PB)/2017 after the initial 180-day period had already expired. The application was heard on 2017-11-22, and the order was pronounced on 2018-01-16. The RP argued that a further 90-day extension was necessary, expiring on 2018-01-28. The Committee of Creditors had the power to extend the period of CIRP

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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 it has the power to extend the CIRP period, Section

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**Interpretation:** The interpretation of Section 12(2) and 12(3) of the IBC, 2016, is that the

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**Application:** In this case, the Resolution Professional sought an extension that would have

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## Parties

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

## Timeline

- **2017-05-03 — Admission of Insolvency…**: The Operational Creditor's insolvency petition was admitted by the Hon'ble Principal…
- **2017-07-13 — Change o…**: The Insolvency and Bankruptcy Board of India suggested Shri Vijender Sharma as the new…

## 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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