# In the matter of Maxim Infrastructure & Real Estate Ltd. I.A. No.43-2019 in C.P.(IB) 04-GB-2018

> NCLT judgment dated 2019-07-30. Citation: TCN-2019-NCLT-02211. The case pertains to I.A.No.43/2019 in C.P.(IB).04/GB/2018, initiated under Section 7 of the…

- **Court:** NCLT
- **Order date:** 30 Jul 2019
- **Citation:** TCN-2019-NCLT-02211
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maxim-infrastructure-real-estate-ltd-ia-no43-2019-in-cpib-04-gb-2018-7c3f43a6

## Summary

### Background

The case pertains to I.A.No.43/2019 in C.P.(IB).04/GB/2018, initiated under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating) Authority Rules, 2016. Bank of India is the financial creditor, and M/s Maxim Infrastructure & Real Estate Ltd. is the corporate debtor. H.M. Cements Pvt. Ltd. is the resolution applicant, with Mr. Kamalesh Kumar Singhania as the RP of Maxim Infrastructure and Real Estate Pvt. Ltd. The learned counsel for the applicant appeared, and the proxy counsel for the RP requested time for submissions.

## Facts

Bank of India initiated insolvency proceedings against M/s Maxim Infrastructure & Real Estate Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. H.M. Cements Pvt. Ltd. is the resolution applicant. The Resolution Professional (RP), Mr. Kamalesh Kumar Singhania, requested additional time to submit the learned RP. The applicant was required to submit a revised resolution plan, and the current day was the deadline for submission. The court considered the request for time and the deadline for the resolution plan submission.

## Issues and analysis

### Issue 1: Whether the Resolution Professional should be granted additional time to make submissions regarding …

**Ratio:** The court has the discretion to grant or deny requests for extensions of time based on

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**Reasoning:** The court considered the request from the proxy counsel for the RP and the fact that the

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**Interpretation:** The court's decision reflects a pragmatic approach, balancing the need for

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**Application:** The court allowed the RP to submit the revised resolution plan, effectively

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## Parties

- **Judges:** Venkata Sub…; Ashutosh C…
- **Appellants:** Bank of…
- **Respondents:** M/s Maxim…

## Timeline

- **2018-01-01 — Case Fil…**: C.P.(IB).04/GB/2018 was…
- **2019-07-30 — Order Da…**: The order was issued on…

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