# In the matter of Jadoun International Pvt. Ltd. IA No. 227,231 & 232-JPR-2019 in IB-No. 707(PB)-2018

> NCLT judgment dated 2019-07-26. Citation: TCN-2019-NCLT-02252. The case involves an application seeking an extension of the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 26 Jul 2019
- **Citation:** TCN-2019-NCLT-02252
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jadoun-international-pvt-ltd-ia-no-227231-232-jpr-2019-in-ib-no-707pb-2018-1964a7b8

## Summary

### Background

The case involves an application seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period. The CIRP had already expired on July 24, 2019, and a Committee of Creditors (CoC) meeting was scheduled for July 29, 2019. The learned counsel for the Resolution Professional (RP) stated that the application, IA No. 227/JPR/2019, was filed to extend the CIRP period. The CoC had approved the resolution for extension of the CIRP period at proposed resolution 10 with 88.61 per cent voting rights.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for M/s Indus Container Lines Pvt. Ltd. had expired on July 24, 2019. An application, IA No. 227/JPR/2019, was filed seeking an extension of the CIRP period. The next meeting of the Committee of Creditors (CoC) was scheduled for July 29, 2019. The CoC had approved the resolution for extension of the CIRP period at proposed resolution 10 with 88.61 per cent voting rights. The voting sheet and summary report of e-voting were annexed with the application. The list of CoC Members with their corresponding claim and e-voting sheet was on record. The Resolution Professional's counsel sought the court's indulgence, highlighting the urgency of the matter.

## Issues and analysis

### Issue 1: Whether the extension of the CIRP period should be granted considering the expiry of the initial …

**Ratio:** The court has the discretion to grant an extension of the CIRP period based on the

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**Reasoning:** The court considered the submissions made by the learned counsel for the RP, the

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**Interpretation:** The court interpreted the provisions of the Insolvency and Bankruptcy Code

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**Application:** The court applied the ratio to the specific facts of the case, where the CIRP

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## Parties

- **Judges:** DEEPTI M…
- **Respondents:** M/s Indus…; M/s Jadoun…

## Timeline

- **2019-07-24 — CIRP Exp…**: The Corporate Insolvency…
- **2019-07-26 — Order Del…**: Order delivered by the…

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