# In the matter of Klassic Constructions Pvt. Ltd. M.A. No. 4035-2019 In C.P. No. 253-2019

> NCLT judgment dated 2020-01-03. Citation: TCN-2020-NCLT-02552. The case involves an application filed before the National Company Law Tribunal (NCLT), Mumbai…

- **Court:** NCLT
- **Order date:** 3 Jan 2020
- **Citation:** TCN-2020-NCLT-02552
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/klassic-constructions-pvt-ltd-ma-no-4035-2019-in-cp-no-253-2019-00fa0270

## Summary

### Background

The case involves an application filed before the National Company Law Tribunal (NCLT), Mumbai Bench, by the Resolution Professional of Klassic Constructions Pvt. Ltd., a Corporate Debtor undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The applicant sought an extension of the CIRP period by 90 days, as permitted under Section 12(3) of the IBC, 2016. An earlier order dated June 25, 2019, in C.P. No. 253/I&B/MB/2019, between Bank of India and Klassic Constructions Pvt. Ltd., had admitted the petition and imposed a moratorium against the Corporate Debtor. Mr. S. Gopalkrishnan was appointed as the Interim Resolution Professional.

## Facts

Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Klassic Constructions Pvt. Ltd. An order was passed on June 25, 2019, admitting the petition and imposing a moratorium. The moratorium was initially set to end on December 21, 2019, after 180 days. The Resolution Professional, Mr. S. Gopalkrishnan, filed an application seeking a 90-day extension of the CIRP period. The Committee of Creditors (COC) approved the extension with 100% voting. The Resolution Professional sought the extension because the initial CIRP period was insufficient to complete the resolution process. The extension was sought under Section 12(3) of the Insolvency and Bankruptcy Code, 2016.

## Issues and analysis

### Issue 1: Whether the application for a 90-day extension of the Corporate Insolvency Resolution Process …

**Ratio:** The CIRP period can be extended if the Committee of Creditors (COC) approves the

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**Reasoning:** The court considered the resolution passed by the COC with 100% voting in favor of the

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**Interpretation:** Section 12 of the IBC allows for an extension of the CIRP period under specific

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**Application:** The COC's unanimous approval, coupled with the Resolution Professional's

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## Parties

- **Judges:** Bhaskara Pantula…; Shyam Babu…
- **Appellants:** Bank of…
- **Respondents:** Klassic Constructi…

## Timeline

- **2019-06-25 — Order for Mor…**: An order was passed admitting the petition and imposing a moratorium against the…
- **2019-12-21 — Original End Date of…**: The initial moratorium period of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12(3) — Time-limit for completion of insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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