# In the matter of Nibula Print and Pack Pvt. Ltd. (IB)-1138(ND)2018

> NCLT judgment dated 2019-07-02. Citation: TCN-2019-NCLT-02712. CA 796/2019 was filed seeking an extension of the Corporate Insolvency Resolution (CIR) period.…

- **Court:** NCLT
- **Order date:** 2 Jul 2019
- **Citation:** TCN-2019-NCLT-02712
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nibula-print-and-pack-pvt-ltd-ib-1138nd2018-63257faf

## Summary

### Background

CA 796/2019 was filed seeking an extension of the Corporate Insolvency Resolution (CIR) period. The Resolution Professional (RP) stated that a decision was made in a Committee of Creditors (COC) meeting on June 10, 2019, to request a 90-day extension beyond the initial 180 days to complete the resolution process. The resolution was unanimously approved by the COC members, and the application included an affidavit from the RP, indicating that resolution plans had been received and were under consideration.

## Facts

M/s RJ Packwells Pvt. Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP) under the IBC, 2016. The initial CIRP period of 180 days was set to expire on June 8, 2019. The Resolution Professional (RP) applied for a 90-day extension to complete the resolution process, supported by a unanimous decision of the Committee of Creditors (COC) made on June 10, 2019. The RP's application included an affidavit stating that resolution plans had been received and were under consideration. The ex-Directors had not responded to the RP's application under Sections 19(2) and 66 of the IBC. Reliance Commercial Finance is involved, and an affidavit is to be filed by them.

## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process …

**Ratio:** The court has the power to extend the CIRP period beyond 180 days if it deems it

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**Reasoning:** The court considered the submissions made by the Resolution Professional (RP) and the

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**Interpretation:** Section 12(2)(3) of the IBC allows for the extension of the CIRP period beyond

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**Application:** In this case, the COC had unanimously approved the extension, and the RP had

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## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Appellants:** Shailendra Singh,…
- **Respondents:** M/s RJ Packwells…; Ashok Anand, Mr.…

## Timeline

- **2019-06-10 — COC Meet…**: Committee of Creditors (COC) decided to seek…
- **2019-06-08 — CIRP Period…**: The initial 180-day…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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