# In the matter of Maitreyi Capital Advisors Pvt. Ltd. IA (I.B.C)-2570(MB)2021 In C.P. (IB)-2422(MB)2018

> NCLT judgment dated 2021-11-02. Citation: TCN-2021-NCLT-00619. The document contains orders from the National Company Law Tribunal (NCLT), Mumbai Bench,…

- **Court:** NCLT
- **Order date:** 2 Nov 2021
- **Citation:** TCN-2021-NCLT-00619
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maitreyi-capital-advisors-pvt-ltd-ia-ibc-2570mb2021-in-cp-ib-2422mb2018-d3f17458

## Summary

### Background

The document contains orders from the National Company Law Tribunal (NCLT), Mumbai Bench, regarding two Interlocutory Applications (IAs) filed in connection with a Corporate Insolvency Resolution Process (CIRP). Both IAs relate to the case between M/S. Augusta Consultants and Advisors Pvt. Ltd. and Maitreyi Capital Advisors P. Ltd. IA 2570/2021 sought an extension of 90 days to complete the CIRP, while IA 2569/2021 requested exclusion of time from 25.03.2020 to 02.10.2021 due to the Covid-19 pandemic's impact on the CIRP.

## Facts

M/S. Augusta Consultants and Advisors Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Maitreyi Capital Advisors P. Ltd. Two Interlocutory Applications (IAs) were filed in connection with this CIRP. IA 2570/2021 was filed by the Resolution Professional seeking a 90-day extension to complete the CIRP. IA 2569/2021 was filed by the Resolution Professional seeking exclusion of time from 25.03.2020 to 02.10.2021 due to the impact of the Covid-19 pandemic on the CIRP. The Resolution Professional argued that the pandemic disrupted the CIRP, necessitating the exclusion of time to ensure fair completion. The NCLT considered the submissions of the Counsel appearing for the Resolution Professional and the records presented.

## Issues and analysis

### Issue 1: Whether the extension of time sought by the Resolution Professional in IA 2570/2021 for completing …

**Ratio:** The NCLT has the power to grant extensions of time for completing the Corporate

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**Reasoning:** The NCLT considered the submissions of the Counsel appearing for the applicant and deemed

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**Interpretation:** Section 12(2) of the Insolvency and Bankruptcy Code, 2016 allows for extensions

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**Application:** The NCLT applied its discretion to the specific facts of the case and granted

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## Parties

- **Judges:** Shyam Babu…; P.N. Des…
- **Appellants:** M/S. AUGUSTA…
- **Respondents:** MAITREYI CAPITAL…

## Timeline

- **2020-03-25 — Start of Exclusion…**: Start date for the exclusion of time sought due to the Covid-19 pandemic's impact on the…
- **2021-10-02 — End of Exclusion Period…**: End date for the exclusion of time sought due to the Covid-19 pandemic's impact on the…

## 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)

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