# In the matter of Osaka Pharmaceuticals Pvt. Ltd. IA 190-2019 in CP(IB) 248-12(2)-NCLT-AHM-2018

> NCLT judgment dated 2019-04-05. Citation: TCN-2019-NCLT-04121. The case pertains to an application filed under Section 12(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Apr 2019
- **Citation:** TCN-2019-NCLT-04121
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/osaka-pharmaceuticals-pvt-ltd-ia-190-2019-in-cpib-248-122-nclt-ahm-2018-9ffb6d1e

## Summary

### Background

The case pertains to an application filed under Section 12(2) of the Insolvency and Bankruptcy Code (IBC) seeking an extension of time for the Corporate Insolvency Resolution Process (CIRP). The Resolution Professional (RP) filed the application seeking a 90-day extension beyond the initial 180-day period for completing the CIRP.

## Facts

The Resolution Professional (RP) for Osaka Pharmaceuticals Pvt Ltd filed an application under Section 12(2) of the Insolvency and Bankruptcy Code (IBC) seeking an extension of time for the Corporate Insolvency Resolution Process (CIRP). The initial 180-day period was set to expire on 07.04.2019. The Committee of Creditors (COC) had held its 2nd meeting on 20.02.2019, where it passed a resolution to seek an extension of time, authorizing the RP to file the application. The COC voted unanimously (100%) in favor of the extension, indicating that they were the sole financial creditor. The application was filed on 12.03.19.

## Issues and analysis

### Issue 1: Whether sufficient reasons were shown for seeking an extension of the CIRP period beyond 180 days …

**Ratio:** Section 12(2) of the Insolvency and Bankruptcy Code allows for the extension of the CIRP

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**Reasoning:** The Adjudicating Authority considered the resolution passed by the Committee of Creditors

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**Interpretation:** Section 12(2) provides a mechanism for extending the CIRP period, recognizing

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**Application:** In this case, the unanimous support of the COC for the extension, coupled with

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Appellants:** Akshat…
- **Respondents:** Osaka Pharmaceutic…

## Timeline

- **2019-02-20 — COC Meet…**: The Committee of Creditors (COC) held its 2nd meeting and passed a resolution to seek an…
- **2019-03-12 — Application…**: The instant application was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12(2) — Time-limit for completion of insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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