# 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-00608. 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-00608
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kings-electronics-pvt-ltd-ia-1399-2020-in-cpib-2267-mb-2019-a9bfe165

## 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 extension by 90 days beyond the initial 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

The Corporate Insolvency Resolution Process (CIRP) was initiated for Kings Electronics Pvt Ltd. An application, IA No.1399/2020, was filed to extend the CIRP period by 90 days beyond the initial 180 days, citing Section 12(2) of the IBC. The Committee of Creditors (CoC) approved this extension in a meeting held on 2020-08-05. The application was filed due to delays caused by the nationwide lockdown, which impacted the appointment and functioning of the Resolution Professional (RP). The court considered a previous order (I.A. NO. 1175 OF 2020 in C.P. (IB) No. 2915 OF 2019) that allowed for the exclusion of the CIRP period due to the lockdown. The court also considered the Central Government's regulations and amendments by the IBBI, along with the decision dated

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## Issues and analysis

### Issue 1: Whether the CIRP period should be extended by 90 days beyond the initial 180 days, considering the …

**Ratio:** Section 12(2) of the IBC allows for the extension of the CIRP period. Previous orders and

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**Reasoning:** The court considered the delays caused by the nationwide lockdown, which impacted the

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**Interpretation:** The court interpreted Section 12(2) of the IBC in conjunction with the impact

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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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 Or…**: Hon'ble NCLAT passed an order in suo-moto…

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