# In the matter of Housing Development and infrastructure Ltd. I.A. 2118-2021 in C.P.(IB)-27(MB)-2019

> NCLT judgment dated 2021-09-29. Citation: TCN-2021-NCLT-00946. The case pertains to an application (I.A. 2118/2021) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 29 Sept 2021
- **Citation:** TCN-2021-NCLT-00946
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/housing-development-and-infrastructure-ltd-ia-2118-2021-in-cpib-27mb-2019-72a82cd6

## Summary

### Background

The case pertains to an application (I.A. 2118/2021) filed by the Resolution Professional seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period for Housing Development & Infrastructure Ltd. The CIRP was initiated on 20.08.2019, and more than 730 days have passed since its commencement. The Committee of Creditors (COC) explored the possibility of a resolution plan by dividing the assets into 8 projects. However, no successful resolution plan has been achieved. The application seeks an extension beyond the statutory limit of 330 days.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for Housing Development & Infrastructure Ltd. commenced on 20.08.2019. More than 730 days have passed since the commencement of CIRP. The Committee of Creditors (COC) explored the possibility of a resolution plan by dividing the total assets into 8 projects. The Corporate Debtor Company could not get any successful Resolution Plan. The 18th committee of Creditors (COC) meeting held on 8th September 2021, all the financial creditors comprising of Banks/other financial institutions wanted to go for liquidation. The Resolution Professional filed I.A. 2118/2021 seeking an extension of the CIRP period beyond the statutory limit of 330 days. The relevance of these facts is that they establish the prolonged nature of the

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can extend the CIRP period beyond 330 days as prescribed under …

**Ratio:** Section 12(3) of the IBC mandates that the CIRP must be completed within 330 days,

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**Reasoning:** The court reasoned that the IBC aims for a time-bound resolution process. Allowing

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**Interpretation:** Section 12(3) is interpreted strictly to ensure timely resolution. The 330-day

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**Application:** In this case, the court found that more than 730 days had already passed, and

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Bank of…
- **Respondents:** Housing Developmen…

## Timeline

- **2019-08-20 — Commencement…**: CIRP of the Corporate Debtor Company…
- **2021-09-08 — 18th COC M…**: The 18th committee of Creditors (COC) meeting held, where financial creditors wanted to…

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