# In the matter of Gruha Kalyan Housing Projects Pvt. Limited I.A.No. 157-2020 in C.P. (IB) No.92-BB-2018

> NCLT judgment dated 2020-03-20. Citation: TCN-2020-NCLT-01435. The case involves I.A.No.157 of 2020 in C.P.(IB)No.92/BB/2018, filed by Shankar B. Iyer, the…

- **Court:** NCLT
- **Order date:** 20 Mar 2020
- **Citation:** TCN-2020-NCLT-01435
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gruha-kalyan-housing-projects-pvt-limited-iano-157-2020-in-cp-ib-no92-bb-2018-3c652a8e

## Summary

### Background

The case involves I.A.No.157 of 2020 in C.P.(IB)No.92/BB/2018, filed by Shankar B. Iyer, the Resolution Professional of M/s.Gruha Kalyan Housing Projects Pvt. Ltd., seeking to exclude a period of 60 days from the CIRP due to legal proceedings and extend the CIRP completion date to May 21, 2020. The main Company Petition, C.P.(IB)No.92/BB/2018, was filed by Mr. P. Pradeep Kumar & Others under Section 7 of the IBC, 2016, and was admitted on June 27, 2019, initiating CIRP and appointing Ms. Medha Kulkarni as the IRP. The applicant had requested the Government of Karnataka to hand over title deeds/property documents of Gru Kalyan, but the request was rejected as the government had already taken action against Gruhakalyan Pvt. Ltd and other companies under the KPID Act,

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## Facts

The Resolution Professional (Shankar B. Iyer) of Gruha Kalyan Housing Projects Pvt. Ltd. filed I.A.No.157 of 2020 seeking to exclude 60 days from the CIRP period due to legal proceedings and extend the CIRP completion date to May 21, 2020. The main Company Petition (C.P.(IB)No.92/BB/2018) was admitted on June 27, 2019, initiating CIRP. The Resolution Professional requested the Karnataka government to hand over property documents, but the request was rejected because the government had already acted against the company under the KPID Act, 2004. The CoC voted to extend the CIRP period. The status of assets and liabilities of the Corporate Debtor was presented, including estimated value of properties (Rs.10-15 Cr.), financial claims (Rs.18.92 Cr.), and advances paid to

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## Issues and analysis

### Issue 1: Whether the application for extension of the CIRP period should be granted, considering the time …

**Ratio:** The Adjudicating Authority has the discretion to grant or reject an application for

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**Reasoning:** The court reasoned that there was no substantial work done in the CIRP process and that

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**Interpretation:** The interpretation is that the Adjudicating Authority must carefully consider

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**Application:** In this case, the court applied the ratio and reasoning to the specific facts

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Shankar B…
- **Respondents:** Gruha Kalyan…; P. Pradeep…

## Timeline

- **2018-01-01 — Main Company Petition…**: C.P.(IB)No.92/BB/2018 filed by Mr. P. Pradeep Kumar & Others under Section 7 of the IBC,…
- **2019-06-27 — Admission of Company…**: The Adjudicating Authority admitted the Company Petition, initiating CIRP and appointing…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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