# In the matter of Lakeland Chemicals (India) Limited I.A. No. 973,1306 & 1504-MB-2020 in C.P. (IB) No. 3141-MB-2018

> NCLT judgment dated 2021-03-23. Citation: TCN-2021-NCLT-02590. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Lakeland…

- **Court:** NCLT
- **Order date:** 23 Mar 2021
- **Citation:** TCN-2021-NCLT-02590
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lakeland-chemicals-india-limited-ia-no-9731306-1504-mb-2020-in-cp-ib-no-3141-mb-8bd47e5d

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Lakeland Chemicals (India) Limited. The CIRP was triggered by a Section 9 application under the Insolvency and Bankruptcy Code, 2016, which was admitted on 23.09.2019. Initially, Mr. Rajeev Nandkishore Bhatia was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Brijendra Kumar Mishra was appointed as the Resolution Professional (RP). Due to various factors, including delays in communication, the nationwide lockdown caused by the Covid-19 pandemic, and complexities in the resolution process, the CIRP could not be completed within the initial 180-day period. This led to the RP filing IA No. 973 of 2020 seeking an extension of the CIRP period. Furthermore, IA No.

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## Facts

Lakeland Chemicals (India) Limited is undergoing Corporate Insolvency Resolution Process (CIRP) initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced on 23.09.2019. Rajeev Nandkishore Bhatia was initially appointed as the Interim Resolution Professional (IRP), later replaced by Brijendra Kumar Mishra as the Resolution Professional (RP). The IRP received communication of his appointment on 19.10.2019. A public announcement was made on 22.10.2019, leading to the formation of the Committee of Creditors (CoC). The CoC appointed Brijendra Kumar Mishra as RP on 13.01.2020, approved by the Tribunal on 24.01.2020. The RP took charge on 06.02.2020. An advertisement in Form-G was issued on 17.02.2020, inviting Expression of Interest (EOI) with

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## Issues and analysis

### Issue 1: Whether the CIRP period should be extended due to …

**Ratio:** Section 12(2) of the Insolvency and Bankruptcy Code, 2016 allows the Adjudicating

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**Reasoning:** The court considered the delays caused by factors such as late appointment of the RP, the

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**Interpretation:** The court interpreted Section 12(2) flexibly, recognizing the exceptional

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**Application:** The court applied the ratio to the facts of the case, finding that the delays

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Brijendra Kumar…
- **Respondents:** Lakeland Chemicals…; Committee of…

## Timeline

- **2018-01-01 — CP (IB) No. 314…**: The Company Petition number…
- **2019-09-23 — CIRP Commen…**: Company Petition No. 3141 of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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