# In the matter of Pawar Electro Systems Private Limited IA 737-2020 IN  C.P. (IB) 1587-MB-2019

> NCLT judgment dated 2020-03-04. Citation: TCN-2020-NCLT-01663. The case involves an application (IA 737/2020) filed in C.P.(IB) 1587/(MB)/2019 before the…

- **Court:** NCLT
- **Order date:** 4 Mar 2020
- **Citation:** TCN-2020-NCLT-01663
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pawar-electro-systems-private-limited-ia-737-2020-in-cp-ib-1587-mb-2019-1ac52f40

## Summary

### Background

The case involves an application (IA 737/2020) filed in C.P.(IB) 1587/(MB)/2019 before the National Company Law Tribunal (NCLT), Mumbai Bench. The application was filed by the Resolution Professional (RP) seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period under Section 12 of the Insolvency and Bankruptcy Code (IBC), 2016.

## Facts

The Resolution Professional (RP) filed an application (IA 737/2020) in C.P.(IB) 1587/(MB)/2019 seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period. The application was filed under Section 12 of the Insolvency and Bankruptcy Code (IBC), 2016. The request for extension was supported by a resolution passed by the Committee of Creditors (CoC) with a 100% vote share in a meeting held on February 15, 2020. The initial CIRP period was set to end on March 21, 2020, and the RP requested a 90-day extension. The NCLT considered the application and the submissions made by the applicant's counsel.

## Issues and analysis

### Issue 1: Whether the application for extension of the CIRP period should be allowed under Section 12 of the …

**Ratio:** Section 12 of the Insolvency and Bankruptcy Code, 2016, governs the timeline for the

…

**Reasoning:** The court reasoned that the application for extension was in consonance with Section 12

…

**Interpretation:** Section 12 of the IBC is interpreted to allow for extensions of the CIRP period

…

**Application:** In this case, the CoC approved the extension with a 100% vote share. The court

…

## Parties

- **Judges:** SUCHITRAKAN…; V. Nallasen…
- **Appellants:** IDBI Bank L…
- **Respondents:** Pawar Electro…

## Timeline

- **2020-02-15 — CoC Meet…**: The Committee of Creditors (CoC) held a meeting and passed a resolution with a 100% vote…
- **2020-03-04 — Order Shee…**: Order sheet of the hearing of Mumbai Bench…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

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/pawar-electro-systems-private-limited-ia-737-2020-in-cp-ib-1587-mb-2019-1ac52f40