# In the matter of Noslar International Ltd. (IB)-1031(ND)-2018

> NCLT judgment dated 2019-05-01. Citation: TCN-2019-NCLT-03603. The document pertains to a case before the National Company Law Tribunal (NCLT), New Delhi…

- **Court:** NCLT
- **Order date:** 1 May 2019
- **Citation:** TCN-2019-NCLT-03603
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/noslar-international-ltd-ib-1031nd-2018-183d1848

## Summary

### Background

The document pertains to a case before the National Company Law Tribunal (NCLT), New Delhi Bench, regarding the Corporate Insolvency Resolution Process (CIRP) of M/s. Sonu Trading Company V/s. M/s. Noslar International Ltd. CA 553/2019 is a report placing on record the steps taken in the resolution process. CA 554/2019 is an application filed under Section 12(3) of the Insolvency and Bankruptcy Code (IBC) seeking an extension of the CIRP period.

## Facts

The case involves M/s. Sonu Trading Company V/s. M/s. Noslar International Ltd., undergoing CIRP. The Resolution Professional (RP) submitted a report (CA 553/2019) detailing the steps taken in the resolution process. An application (CA 554/2019) was filed under Section 12(3) of the IBC seeking an extension of the CIRP period. The Committee of Creditors (COC) unanimously approved the extension in its meeting on April 18, 2019. The initial 180-day CIRP period expired on May 1, 2019.

## Issues and analysis

### Issue 1: Whether the application for extension of …

**Ratio:** Section 12(3) of the IBC allows for the extension of the CIRP period beyond 180 days,

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**Reasoning:** The court reasoned that the COC had unanimously approved the extension in its meeting on

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**Interpretation:** Section 12(3) of the IBC is interpreted to allow for flexibility in the CIRP

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**Application:** The court applied the ratio to the facts of the case, noting that the COC had

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## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Respondents:** Sonu Trading…

## Timeline

- **2019-04-18 — COC Meet…**: The Committee of Creditors (COC) unanimously approved the extension of the CIRP period in…
- **2019-05-01 — Expiry of Initial CIRP…**: The initial 180-day…

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