# In the matter of Kings Electronics Pvt. Ltd. IA -1399- 2020 In CP(IB)-2267 (MB)-2019

> NCLT judgment dated 2020-09-16. Citation: TCN-2020-NCLT-00610. IA No.1399/2020 was filed for the extension of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 16 Sept 2020
- **Citation:** TCN-2020-NCLT-00610
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kings-electronics-pvt-ltd-ia-1399-2020-in-cpib-2267-mb-2019-6f8ac193

## Summary

### Background

IA No.1399/2020 was filed for the extension of the Corporate Insolvency Resolution Process (CIRP) period by 90 days beyond the initial 180 days, as per Section 12(2) of the IBC. The applicant presented minutes from a CoC meeting dated 2020-08-05, where the CoC approved the CIRP period extension by 90 days beyond 180 days. The bench referred to a previous order, I.A. NO. 1175 OF 2020 in C.P. (IB) No. 2915 OF 2019, which allowed the exclusion of the CIRP period due to the lockdown.

## Facts

An application, IA No.1399/2020, was filed seeking a 90-day extension to the Corporate Insolvency Resolution Process (CIRP) beyond the initial 180-day period, in accordance with Section 12(2) of the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (CoC) had previously approved this extension in a meeting held on 2020-08-05. The court considered a previous order, I.A. NO. 1175 OF 2020 in C.P. (IB) No. 2915 OF 2019, which had allowed for the exclusion of the CIRP period due to the nationwide lockdown. The court also considered the Central Government's regulations and amendments by the IBBI, as well as the NCLAT's decision dated 2020-03-30 in Suo-Moto Company Appeal (AT) (Insolvency) No. 01 of 2020. The lockdown had caused delays in the appointment of the

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) period should be extended by 90 days …

**Ratio:** Section 12(2) of the IBC allows for the extension of the CIRP period beyond 180 days,

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**Reasoning:** The court considered the CoC's approval of the extension, the impact of the lockdown on

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**Interpretation:** Section 12(2) of the IBC provides a mechanism for extending the CIRP period

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**Application:** The court applied the ratio by considering the specific circumstances of the

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## Parties

- **Judges:** Chandra Bha…; SUCHITRA KANUPARTH…; +1 more
- **Appellants:** Poonam…
- **Respondents:** Kings Electronics…

## Timeline

- **2020-08-05 — CoC Meet…**: The Committee of Creditors (CoC) approved the extension of the CIRP period by 90 days…
- **2020-03-30 — NCLAT Dec…**: Hon'ble NCLAT passed a decision in Suo-Moto Company Appeal (AT) (Insolvency) No. 01 of…

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