# In the matter of Regen Powertech Private Limited IA-30(CHE)-2021 in IBA-1099-2019

> NCLT judgment dated 2021-04-20. Citation: TCN-2021-NCLT-02328. The case pertains to IA/30(CHE)/2021 filed in IBA/1099/2019 under Section 12(3) and Section…

- **Court:** NCLT
- **Order date:** 20 Apr 2021
- **Citation:** TCN-2021-NCLT-02328
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/regen-powertech-private-limited-ia-30che-2021-in-iba-1099-2019-8a642055

## Summary

### Background

The case pertains to IA/30(CHE)/2021 filed in IBA/1099/2019 under Section 12(3) and Section 60(5) of the IBC, 2016, read with Regulation 40 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 11 of NCLT Rules, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Regen Powertech Private Limited on 09.12.2019. The applicant was appointed as the IRP and published a public announcement on 15.12.2019. The Committee of Creditors (CoC) was constituted, and its status was filed before the Tribunal on 08.01.2020. The first CoC meeting was held on 10.01.2020, but the requisite majority of 66% voting rights was not achieved to confirm the applicant as the Resolution Professional. The 2nd CoC meeting held on

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Regen Powertech Private Limited on 09.12.2019. Mr. Ebenezer Inbaraj was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 15.12.2019, inviting claims from financial and operational creditors. The Committee of Creditors (CoC) was formed, and its status was filed before the Tribunal on 08.01.2020. The first CoC meeting was held on 10.01.2020, but the required majority of 66% voting rights to confirm the applicant as the Resolution Professional was not achieved. The second CoC meeting on 06.02.2020 resolved that the applicant would continue as the Resolution Professional. The CIRP was initially expected to be completed within 180 days from 09.12.2019,

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## Issues and analysis

### Issue 1: Whether the period of lockdown imposed due to the COVID-19 pandemic should be excluded from the …

**Ratio:** Regulation 40C of the IBBI (Insolvency Resolution Process for Corporate Persons)

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**Reasoning:** The court considered the submissions of the learned counsel for the applicant and the

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**Interpretation:** Regulation 40C provides a special provision relating to the timeline, stating

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**Application:** The court applied Regulation 40C to the facts of the case and excluded the

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** Ebenezer I…
- **Respondents:** M/s. ReGen…

## Timeline

- **2019-12-09 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Regen Powertech…
- **2019-12-15 — Public Annou…**: Public announcement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12(3) — Time-limit for completion of insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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