# In the matter of Nithin Proteins Pvt Limited IA No. 115-2020 (AMR)in CP (IB) No. 159-10-AMR-2019

> NCLT judgment dated 2020-09-04. Citation: TCN-2020-NCLT-00716. The case involves an application (IA No. 115 of 2020) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 4 Sept 2020
- **Citation:** TCN-2020-NCLT-00716
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nithin-proteins-pvt-limited-ia-no-115-2020-amrin-cp-ib-no-159-10-amr-2019-046c30fb

## Summary

### Background

The case involves an application (IA No. 115 of 2020) filed by the Resolution Professional (RP) on behalf of the Committee of Creditors (CoC) seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period for Nithin Proteins Private Limited. The CIRP was initiated due to the corporate debtor's default in payment of a financial debt. The Adjudicating Authority had admitted the petition on November 15, 2019, and a moratorium was declared. The Interim Resolution Professional (IRP) issued a public announcement inviting claims from creditors and subsequently constituted the CoC. The IRP conducted several CoC meetings. The CoC recommended the appointment of B. Naga Bhushan as the Resolution Professional replacing the IRP, but the Tribunal initially

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## Facts

Nithin Proteins Private Limited underwent Corporate Insolvency Resolution Process (CIRP) due to default in financial debt payment. The CIRP was initiated following an order by the Adjudicating Authority on November 15, 2019, which also declared a moratorium. Mr. Pavan Kankani was initially appointed as the Interim Resolution Professional (IRP). Claims were invited from creditors, leading to the formation of a Committee of Creditors (CoC). Bank of India was the sole financial creditor initially, with an admitted claim of Rs. 11,30,28,812.89. The IRP conducted four CoC meetings. The CoC recommended B. Naga Bhushan to replace the IRP, but the Tribunal initially dismissed the application. The Appellate Tribunal Authority later allowed the appeal for B. Naga Bhushan's

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) period for Nithin Proteins Private …

**Ratio:** Section 12 of the Insolvency and Bankruptcy Code (IBC), 2016, allows for the extension of

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**Reasoning:** The court considered the submissions that the COVID-19 pandemic and the resulting

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**Interpretation:** The interpretation of Section 12 of the IBC, along with the NCLAT's order,

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**Application:** In this specific case, the court applied the ratio by considering the actual

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## Parties

- **Judges:** Bhaskara Pantula…
- **Appellants:** B.Naga Bh…
- **Respondents:** Nithin Proteins…; Bank of…
- **Advocates:** B.Naga Bh…

## Timeline

- **2019-11-15 — CIRP Init…**: Adjudicating Authority admitted the petition filed by the Corporate debtor Viz., NITHIN…
- **2019-11-19 — Public Annou…**: Interim Resolution Professional issued the Public Announcement in terms of Regulation…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12 — Time-limit for completion of insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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