# In the matter fo ACIL Ltd. (IB)-170(PB)-2018

> NCLT judgment dated 2019-06-14. Citation: TCN-2019-NCLT-02908. The case involves an application seeking exclusion of time from the CIRP process. The…

- **Court:** NCLT
- **Order date:** 14 Jun 2019
- **Citation:** TCN-2019-NCLT-02908
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/in-the-matter-fo-acil-ltd-ib-170pb-2018-a7e04163

## Summary

### Background

The case involves an application seeking exclusion of time from the CIRP process. The resolution plan was received in relation to the corporate debtor. The CoC unanimously approved the moving of the application for exclusion of thirty days. The revised resolution plan was received on 11.06.2019.

## Facts

IDBI Bank Ltd. filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (CIRP) against ACIL Ltd. The resolution professional (RP) sought exclusion of thirty days from the CIRP process, citing compelling circumstances. The CoC unanimously approved moving the application for exclusion of time in a meeting held on 03.06.2019. The RP stated that date-wise breakup commencing from 03.05.2019 to 11.06.2019 have been furnished. A revised resolution plan was received on 11.06.2019. The Tribunal considered the application and granted the exclusion of thirty days.

## Issues and analysis

### Issue 1: Whether the exclusion of thirty days from the CIRP process should be granted based on the …

**Ratio:** The Tribunal has the power to grant exclusion of time from the CIRP process based on the

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**Reasoning:** The Tribunal considered the compelling circumstances stated in the application, the

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**Interpretation:** The interpretation of the law allows for exclusion of time in the CIRP process

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**Application:** The Tribunal applied this principle to the facts of the case, considering the

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## Parties

- **Judges:** Sh.R. Varad…; SH. S. K.…
- **Appellants:** IDBI Bank…
- **Respondents:** ACIL…

## Timeline

- **2019-03-05 — Tribunal…**: Tribunal vide order dated 03.05.2019…
- **2019-05-03 — Date-wise Breakup…**: Date wise breakup commencing from…

## 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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