# In the matter of Rai Homes Universal Pvt. Ltd. MP-IA-78-2020 in TP 171-2019 {CP (IB) 218-2018}

> NCLT judgment dated 2020-07-10. Citation: TCN-2020-NCLT-01046. The case pertains to IA No. 78 of 2020 filed by the Resolution Professional (RP) to extend the…

- **Court:** NCLT
- **Order date:** 10 Jul 2020
- **Citation:** TCN-2020-NCLT-01046
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rai-homes-universal-pvt-ltd-mp-ia-78-2020-in-tp-171-2019-cp-ib-218-2018-9fce3660

## Summary

### Background

The case pertains to IA No. 78 of 2020 filed by the Resolution Professional (RP) to extend the Corporate Insolvency Resolution Process (CIRP) period by 60 days. The hearing was conducted through video conferencing before the Indore Bench at Ahmedabad of the National Company Law Tribunal on July 10, 2020.

## Facts

IA No. 78 of 2020 was filed by the RP to extend the CIRP period by 60 days. The RP submitted that six Resolution Applicants have shown interest and filed EOI, which are under consideration by the COC. The COC has passed a resolution with 75% vote to allow the extension. The court considered the pandemic situation while making its decision. The name of the company is Jagdish Kumar Parulkar RP For Rai Homes Universal Pvt Ltd.

## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution …

**Ratio:** The court has the power to extend the CIRP period if sufficient progress has been made

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**Reasoning:** The court considered the submission of the learned counsel that six Resolution Applicants

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**Interpretation:** Section 12(2) of the IBC, 2016 allows for the extension of the CIRP period

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**Application:** The court applied the ratio and reasoning to the facts of the case, noting that

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Respondents:** Rai Homes…

## Timeline

- **2020-07-10 — Hearing…**: Hearing conducted through video conferencing before the Indore Bench at Ahmedabad of the…
- **2020-07-10 — Order Da…**: Order passed extending the Corporate…

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