# In the matter of Jagannath Sponee Pvt. Ltd. TP No. 34-CTB-2019, (CP (IB) No. 1174-KB-2018),IA No. 81-CTB-2020

> NCLT judgment dated 2020-03-16. Citation: TCN-2020-NCLT-01519. The case involves an application (IA No. 89/CTB/2020) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 16 Mar 2020
- **Citation:** TCN-2020-NCLT-01519
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jagannath-sponee-pvt-ltd-tp-no-34-ctb-2019-cp-ib-no-1174-kb-2018ia-no-81-ctb-202-26d81186

## Summary

### Background

The case involves an application (IA No. 89/CTB/2020) filed by the Resolution Professional seeking a 30-day extension for completing the Corporate Insolvency Resolution Process (CIRP) under Section 12(2) of the Insolvency and Bankruptcy Code, 2016. The CoC meeting held on 12.03.2020 directed the Resolution Applicant to obtain a further extension. The Adjudicating Authority had previously extended the CIRP till 16.03.2020. The Corporate Debtor completed 330 days of CIRP on 16.03.2020.

## Facts

The Resolution Professional filed IA No. 89/CTB/2020 seeking a 30-day extension to complete the Corporate Insolvency Resolution Process (CIRP) under Section 12(2) of the Insolvency and Bankruptcy Code, 2016. A CoC meeting on 12.03.2020 directed the Resolution Applicant to seek this extension. The Adjudicating Authority had previously extended the CIRP until 16.03.2020. On 16.03.2020, the Corporate Debtor completed 330 days of the CIRP. State Bank of India, the sole financial creditor of the CoC, requested additional information for approving the Resolution Plan. The court noted that the Resolution Plan was in its final stage before the CoC. The court had previously granted a 30-day extension on 18.02.2020. The Hon'ble Apex Court in the Essar Steel matter held that 330

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## Issues and analysis

### Issue 1: Whether the Resolution Professional's application for a 30-day extension to complete the Corporate …

**Ratio:** The court has the discretion to grant extensions for the completion of the Corporate

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**Reasoning:** The court considered the fact that the Resolution Plan was in its final stage before the

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

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

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## Parties

- **Judges:** Sucharit…; Satya Ranjan…
- **Respondents:** M/s Jagannath…

## Timeline

- **2020-02-18 — Previous Ex…**: The Adjudicating Authority extended the Corporate Insolvency Resolution Process till…
- **2020-03-12 — CoC Meet…**: The CoC meeting directed the Resolution Applicant to obtain a further extension for…

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