# In the matter of Noble Ispat & Energies Ltd. I.A. No. 94-2020 in C.P. (IB) No. 137-BB-2019

> NCLT judgment dated 2020-02-18. Citation: TCN-2020-NCLT-01910. The case pertains to an application (I.A. No. 94 of 2020) filed in an ongoing Corporate…

- **Court:** NCLT
- **Order date:** 18 Feb 2020
- **Citation:** TCN-2020-NCLT-01910
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/noble-ispat-energies-ltd-ia-no-94-2020-in-cp-ib-no-137-bb-2019-873af0b6

## Summary

### Background

The case pertains to an application (I.A. No. 94 of 2020) filed in an ongoing Corporate Insolvency Resolution Process (CIRP) against M/s. Nobel Ispat & Energies Ltd. The CIRP was initiated based on an application by M/s. Indian Renewable Energy Development Agency Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the application on 26.08.2019 and appointed an Interim Resolution Professional (IRP). The IRP constituted a Committee of Creditors (COC). Subsequently, the COC decided to replace the IRP with Mr. Giridhar Lal Sharma as the Resolution Professional (RP).

## Facts

M/s. Indian Renewable Energy Development Agency Limited initiated CIRP against M/s. Nobel Ispat & Energies Ltd. The CIRP was admitted on 26.08.2019, and Mr. Rajendra Prasad Tak was appointed as the IRP. The COC was formed, consisting of Canara Bank and Indian Renewable Energy Development Agency Ltd. The COC decided to replace the IRP with Mr. Giridhar Lal Sharma. The Adjudicating Authority approved the appointment of Mr. Sharma on 27.11.2019. The RP prepared an Information Memorandum, appointed valuers, and published an Expression of Interest. The last date for receipt of Resolution Plans was 26th February, 2020, and the CIRP period was expiring on 5th March 2020. The COC, in its meeting on 24.01.2020, unanimously resolved to seek a 60-day extension of the CIRP

…

## Issues and analysis

### Issue 1: Whether the extension of the CIRP period by 60 days beyond the initial 180 days is justified under …

**Ratio:** Section 12(3) of the IBC Code, 2016, allows for the extension of the CIRP period beyond

…

**Reasoning:** The court reasoned that due to unavoidable circumstances and resultant delay in the

…

**Interpretation:** The interpretation of Section 12(3) of the IBC Code, 2016, and Regulation 15 of

…

**Application:** In this case, the court applied the provisions of Section 12(3) of the IBC

…

## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** M/s Nobel Ispat &…

## Timeline

- **2019-08-26 — CIRP Init…**: The Adjudicating Authority admitted the application for CIRP against M/s. Nobel Ispat &…
- **2019-10-22 — COC Resol…**: The COC passed a…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/noble-ispat-energies-ltd-ia-no-94-2020-in-cp-ib-no-137-bb-2019-873af0b6