# In the matter of R. K. Jain Construction (India) Pvt. Ltd. I.A.(IB) NO……..-CTB-2020
In C.P.(IB) NO. 54-CTB-2019

> NCLT judgment dated 2020-07-03. Citation: TCN-2020-NCLT-01069. The case involves an application filed under Section 12(2) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 3 Jul 2020
- **Citation:** TCN-2020-NCLT-01069
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/r-k-jain-construction-india-pvt-ltd-iaib-no-ctb-2020-in-cpib-no-54-ctb-2019-68fee626

## Summary

### Background

The case involves an application filed under Section 12(2) of the Insolvency and Bankruptcy Code, 2016, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period for R. K Jain Construction (India) Private Limited. The application was filed by Mr. Vinod Kumar Ambavat, the Resolution Professional. The Corporate Debtor is already undergoing CIRP, initiated by an order dated 3rd October 2019. The CIRP period was initially set to end on 31st March 2020, with a deadline of 16th March 2020 for submitting resolution plans. The Committee of Creditors (CoC) had unanimously resolved to extend the CIRP period by 90 days from 31st March 2020 due to delays caused by the nationwide lockdown during the pandemic.

## Facts

M/s ASREC (India) Ltd. is the Financial Creditor. R. K Jain Construction (India) Pvt. Ltd. is the Corporate Debtor currently undergoing Corporate Insolvency Resolution Process (CIRP). Mr. Vinod Kumar Ambavat is the Resolution Professional for the Corporate Debtor. An application was filed under Section 12(2) of the Insolvency and Bankruptcy Code, 2016, seeking an extension of the CIRP period. The CIRP was initiated vide order dated 3rd October 2019. The initial CIRP period was ending on 31st March 2020, with a plan submission deadline of 16th March 2020. Two Expressions of Interest and resolution plans were received. The CoC resolved to extend the CIRP by 90 days from 31st March 2020 due to delays from the nationwide lockdown. The Resolution Professional requested the

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## Issues and analysis

### Issue 1: Whether the CIRP period for R. K Jain Construction (India) Pvt. Ltd. should be extended by 90 days …

**Ratio:** Section 12(2) of the Insolvency and Bankruptcy Code, 2016, allows for the extension of

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**Reasoning:** The court reasoned that the CIRP could not be completed within the initially fixed 180

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**Interpretation:** Section 12(2) provides a mechanism to extend the CIRP period when circumstances

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**Application:** The court applied Section 12(2) and Regulation 40-C to the specific facts of

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## Parties

- **Judges:** Jinan…
- **Appellants:** Vinod Kumar…
- **Respondents:** R. K Jain…; M/s ASREC (India)…

## Timeline

- **2019-10-03 — CIRP Init…**: Order passed initiating Corporate Insolvency Resolution Process (CIRP) for R. K Jain…
- **2020-03-16 — Plan Submission…**: Last date for submitting resolution…

## 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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