# In the matter of Lavasa Corporation Limited IA(I.B.C)-2753(MB)2021 In C.P.(IB)-1765(MB)2018

> NCLT judgment dated 2021-11-29. Citation: TCN-2021-NCLT-00381. The Resolution Professional (RP) filed IA-2753/2021 seeking an extension of time for the…

- **Court:** NCLT
- **Order date:** 29 Nov 2021
- **Citation:** TCN-2021-NCLT-00381
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lavasa-corporation-limited-iaibc-2753mb2021-in-cpib-1765mb2018-7002317a

## Summary

### Background

The Resolution Professional (RP) filed IA-2753/2021 seeking an extension of time for the Corporate Insolvency Resolution Process (CIRP) from 25.11.2021 to 25.12.2021. The CIRP of the Corporate Debtor was initiated on 30.08.2018. On 26.02.2020, the Bench allowed the consolidation of wholly-owned subsidiary companies of the Corporate Debtor and granted an initial period of 60 days for the completion of the CIRP of the Consolidated Corporate Debtor. On 13.05.2021, a second consolidation of the Corporate Debtor Company was allowed, with an initial period of 90 days for completion of the CIRP of the Consolidated Corporate Debtor. The applicant had previously filed IA-1852/2021 seeking an extension of the CIRP, and the Bench allowed a further extension of 60 days on

…

## Facts

The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated on 30.08.2018. The NCLT allowed the consolidation of wholly-owned subsidiary companies of the Corporate Debtor on 26.02.2020, granting an initial period of 60 days for the completion of the CIRP of the Consolidated Corporate Debtor. A second consolidation of the Corporate Debtor Company was allowed on 13.05.2021, with an initial period of 90 days for completion of the CIRP of the Consolidated Corporate Debtor. The Resolution Professional (RP) filed IA-2753/2021 seeking a further extension of time for the CIRP from 25.11.2021 to 25.12.2021. The Committee of Creditors (CoC) informed the RP on 18.11.2021 that they needed additional time to consider the resolution plans received. The

…

## Issues and analysis

### Issue 1: Whether the extension of time for the Corporate Insolvency Resolution Process (CIRP) should be …

**Ratio:** The NCLT has the inherent power under Rule 11 of the NCLT Rules, 2016 to take a lenient

…

**Reasoning:** The NCLT considered the submissions of the Learned Senior Counsel and noted that the CoC

…

**Interpretation:** Rule 11 of the NCLT Rules, 2016 provides the NCLT with inherent powers to make

…

**Application:** The NCLT applied its inherent powers under Rule 11 of the NCLT Rules, 2016, to

…

## Parties

- **Judges:** Shyam Babu…; P.N. Des…
- **Appellants:** V. R. Dhond a/w…
- **Respondents:** RAJ INFRASTRUCTURE…; Lavasa Corporation…

## Timeline

- **2018-08-30 — CIRP Init…**: CIRP of the Corporate…
- **2020-02-26 — Consolidation…**: Bench allowed the Consolidation on wholly owned Subsidiary Companies of the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/lavasa-corporation-limited-iaibc-2753mb2021-in-cpib-1765mb2018-7002317a