# In the matter of Monet Exports Pvt. Ltd. (IB)-1347(PB)-2018

> NCLT judgment dated 2019-05-27. Citation: TCN-2019-NCLT-03178. Alchemist Asset Reconstruction Co. Pvt. Ltd. filed an application seeking an extension of the…

- **Court:** NCLT
- **Order date:** 27 May 2019
- **Citation:** TCN-2019-NCLT-03178
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/monet-exports-pvt-ltd-ib-1347pb-2018-cc25da32

## Summary

### Background

Alchemist Asset Reconstruction Co. Pvt. Ltd. filed an application seeking an extension of the CIRP period by 90 days. The CIRP period was set to expire on 2019-06-17. The resolution professional (RP) stated that the date for receiving the resolution plan was up to 2019-06-13, and additional time was needed to consider the resolution plan. The CoC, comprising Alchemist Asset Reconstruction Co. Pvt. Ltd. as the sole member, considered the extension in its 6th meeting. The agenda for the extension was approved by 100% voting.

## Facts

Alchemist Asset Reconstruction Co. Pvt. Ltd. initiated CIRP against Monet Exports Pvt. Ltd. The CIRP period was expiring on 2019-06-17. The RP filed an application (CA-1006(PB)/2019) seeking a 90-day extension of the CIRP period. The date for receiving the resolution plan was 2019-06-13. The CoC, comprising Alchemist Asset Reconstruction Co. Pvt. Ltd. as the sole member, approved the extension with 100% voting in its 6th meeting. The minutes of the 6th CoC meeting held on 2019-05-13 were also annexed. The court considered the documents and submissions made by the counsel.

## Issues and analysis

### Issue 1: Whether the extension of the CIRP …

**Ratio:** The court has the power to grant an extension of the CIRP period if it is deemed

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**Reasoning:** The CoC, comprising the sole member Alchemist Asset Reconstruction Co. Pvt. Ltd.,

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**Interpretation:** The Insolvency and Bankruptcy Code allows for the extension of the CIRP period

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**Application:** In this case, the CoC approved the extension, and the court found it

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## Parties

- **Judges:** DEEPTI M…; SH. PRADEEP R.…
- **Appellants:** Alchemist Asset…
- **Respondents:** Monet Exports…

## Timeline

- **2019-05-13 — 6th CoC M…**: The 6th CoC meeting was held, where the…
- **2019-05-27 — Order Del…**: The order was delivered, granting…

## 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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