# In the matter of Maxim Infrastructure and Real Estate Pvt. Ltd. I.A.No. 35-2019 in CP (IB)04-GB-2018

> NCLT judgment dated 2019-06-28. Citation: TCN-2019-NCLT-02749. The case involves an application filed under Section 12(2) of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 28 Jun 2019
- **Citation:** TCN-2019-NCLT-02749
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maxim-infrastructure-and-real-estate-pvt-ltd-iano-35-2019-in-cp-ib04-gb-2018-2b98f7e0

## Summary

### Background

The case involves an application filed under Section 12(2) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 40 of the IBBI Regulations, 2016, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period. The initial 180-day period was set to expire on July 18, 2019. The IRP submitted that upon calling for Expression of Interest, 7 Expressions of Interest were received, and some plans were submitted, but the process could not be completed within the initially fixed period.

## Facts

The Bank of India initiated a corporate insolvency resolution process against Maxim Infrastructure and Real Estate Pvt. Ltd. An application was filed under Section 12(2) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 40 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period by another 90 days beyond the initial 180 days, which was set to expire on July 18, 2019. The Resolution Professional, Mr. Kamalesh Kumar Singhnaia, submitted that upon calling for Expression of Interest, 7 Expressions of Interest were received, and some of the interested parties had submitted their resolution plans. However, the

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## Issues and analysis

### Issue 1: Whether an extension of the Corporate Insolvency Resolution Process (CIRP) period should be granted …

**Ratio:** Section 12(2) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 40 of

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**Reasoning:** The court reasoned that the CIRP was in progress, and several expressions of interest had

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**Interpretation:** Section 12(2) and Regulation 40 are interpreted to provide flexibility in the

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**Application:** The court applied the ratio to the specific facts of the case, noting that the

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## Parties

- **Judges:** Jinan…
- **Appellants:** Bank of…
- **Respondents:** Maxim Infrastructu…

## Timeline

- **2018-01-01 — CP (IB)/04/GB/2…**: Corporate Insolvency Resolution Process…
- **2019-06-28 — Order for CIRP…**: Order delivered granting a 90-day extension to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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