# In the matter of Propyl Packaging Limited I.A.(IBC) No. 84-KOB-2021 In IBA No.52-KOB-2019

> NCLT judgment dated 2021-05-31. Citation: TCN-2021-NCLT-02070. The application was filed by the Promoter Director of the Corporate Debtor under Section 60(5)…

- **Court:** NCLT
- **Order date:** 31 May 2021
- **Citation:** TCN-2021-NCLT-02070
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/propyl-packaging-limited-iaibc-no-84-kob-2021-in-iba-no52-kob-2019-19651f35

## Summary

### Background

The application was filed by the Promoter Director of the Corporate Debtor under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rules 11, 15, and 32 of the NCLT Rules, 2016, seeking various reliefs. The applicant brought to the Tribunal's notice the Supreme Court's decision regarding the extension of limitation due to the COVID-19 pandemic. The applicant contended that the CIRP of the Corporate Debtor could end after the submission of the Resolution Plan by the applicant and its consideration by the Committee of Creditors (CoC).

## Facts

The Promoter Director of the Corporate Debtor filed an application under Section 60(5) of the IBC, seeking reliefs. The applicant referred to the Supreme Court's decision on the extension of limitation due to COVID-19. The Tribunal had previously ordered the applicant to submit a Resolution Plan within two weeks, which expired on May 4, 2021. As of the hearing date, the applicant had not submitted the Resolution Plan. The Resolution Professional was willing to accept the plan if a short extension was granted. The applicant sought an extension to submit the Resolution Plan.

## Issues and analysis

### Issue 1: Whether the applicant should be granted an …

**Ratio:** The Tribunal has the discretion to grant extensions of time based on the circumstances

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**Reasoning:** The Tribunal considered the submissions of both parties, noting that the initial period

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**Interpretation:** The Tribunal interpreted the situation as requiring a balance between granting

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**Application:** The Tribunal, in view of the submissions and with the mutual consent of the

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## Parties

- **Judges:** Ashok Kumar…
- **Appellants:** K. SATHEESH BABU…
- **Respondents:** Propyl Packaging…; George V…
- **Advocates:** Jagriti S…; Vinod…

## Timeline

- **2021-04-20 — Tribunal…**: Tribunal passed an order in IA/64/KOB/2021 directing the applicant to submit the…
- **2021-05-04 — Expiry of…**: The period granted to the applicant to submit the Expression of Interest/Resolution Plan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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