# 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-02203. The case pertains to I.A.No.43/2019 in C.P.(IB).04/GB/2018 under Section 7 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 30 Jul 2019
- **Citation:** TCN-2019-NCLT-02203
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maxim-infrastructure-real-estate-ltd-ia-no43-2019-in-cpib-04-gb-2018-90ff0bcc

## Summary

### Background

The case pertains to I.A.No.43/2019 in C.P.(IB).04/GB/2018 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, the financial creditor, initiated the insolvency proceedings against M/s Maxim Infrastructure & Real Estate Ltd., the corporate debtor. H.M. Cements Pvt. Ltd. is the resolution applicant. Mr. Kamalesh Kumar Singhania is the RP of Maxim Infrastructure and Real Estate Pvt. Ltd.

## Facts

Bank of India initiated insolvency proceedings against M/s Maxim Infrastructure & Real Estate Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Resolution Professional (RP) requested additional time to submit further details. The applicant was required to submit a revised resolution plan. The court considered the request for time and the fact that the deadline for submitting the revised resolution plan was approaching. The court directed the RP to keep the revised resolution plan on record, subject to the outcome of I.A.No.43 of 2019 and the rights of all stakeholders. This action was taken to preserve the limitation period.

## Issues and analysis

### Issue 1: Whether the Resolution Professional should be granted additional time to submit further details in …

**Ratio:** Courts have the discretion to grant extensions of time in legal proceedings to ensure

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**Reasoning:** The court acknowledged the RP's request for additional time to make submissions. The

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**Interpretation:** This reflects the court's inherent power to manage proceedings efficiently

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**Application:** The court implicitly granted the RP's request by directing the RP to keep the

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## Parties

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

## Timeline

- **2018-01-01 — C.P.(IB).04/…**: Filing of the Corporate Insolvency…
- **2019-07-30 — Order Da…**: Order directing RP to keep…

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