# In the matter of RCM Infrastructure Limited IA No. 698-2020 in CP (IB) No. 601-10-HDB-2018

> NCLT judgment dated 2020-09-09. Citation: TCN-2020-NCLT-00662. The case involves an application (IA No. 698/2020) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 9 Sept 2020
- **Citation:** TCN-2020-NCLT-00662
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rcm-infrastructure-limited-ia-no-698-2020-in-cp-ib-no-601-10-hdb-2018-722fd695

## Summary

### Background

The case involves an application (IA No. 698/2020) filed by the Resolution Professional (RP) under Section 12 and 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of NCLT Rules, 2016, seeking an extension of 30 days for the Corporate Insolvency Resolution Process (CIRP) of RCM Infrastructure Ltd. The CIRP was initiated on 03.01.2019, and Mr. Manivannan was appointed as the Interim Resolution Professional (IRP) and later continued as the RP. The RP had previously sought an extension of the initial CIRP period, which was granted by the Tribunal. Only one Expression of Interest was received from the existing promoter, which was rejected by the RP. The promoters then filed an application (IA No.833/2019), and the Tribunal directed the RP to

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against RCM Infrastructure Ltd on 03.01.2019. Mr. Manivannan was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The initial CIRP period of 180 days was extended by another 90 days by the Tribunal's order dated 19.07.2019, setting a deadline of 01.10.2019 for completion. Only one Expression of Interest was received from the existing promoter, which the RP rejected. The promoters then filed IA No.833/2019, leading the Tribunal to direct the RP to consider their resolution plan. The promoters submitted a binding resolution plan on 18.01.2020, which was presented to the COC on 23.01.2020. The COC requested the promoters to enhance the plan's

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## Issues and analysis

### Issue 1: Whether the Tribunal should grant an extension of the CIRP period beyond the initial 270 days and …

**Ratio:** The ratio is based on the inherent powers of the NCLT under Rule 11 of the NCLT Rules,

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**Reasoning:** The Tribunal reasoned that the CIRP could not be completed within the extended period due

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**Interpretation:** The interpretation of Section 12 of the IBC, as clarified by the Supreme Court,

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**Application:** The ratio and reasoning were applied to the specific facts of the case,

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## Parties

- **Judges:** Ratakonda…; Veera Brahma Rao…; +1 more
- **Respondents:** RCM Infrastructure…

## Timeline

- **2019-01-03 — CIRP Init…**: CIRP started against corporate…
- **2019-02-08 — First COC M…**: First meeting of the…

## 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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