# In the matter of Richa Industries Ltd. CA No.347-2019 in CP (IB) No. 80-Chd-Hry-2018

> NCLT judgment dated 2019-06-07. Citation: TCN-2019-NCLT-03012. The application was filed by the Resolution Professional seeking an order under Section 12(2)…

- **Court:** NCLT
- **Order date:** 7 Jun 2019
- **Citation:** TCN-2019-NCLT-03012
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/richa-industries-ltd-ca-no347-2019-in-cp-ib-no-80-chd-hry-2018-10cab340

## Summary

### Background

The application was filed by the Resolution Professional seeking an order under Section 12(2) of the IBC Code for an extension of the Corporate Insolvency Resolution Process (CIRP). The CIRP of the corporate debtor, M/s Richa Industries Ltd., was initiated as per order dated 18.12.2018. The initial period of 180 days was set to expire on 19.06.2019. In response to the invitation for Expression of Interest (Eol), 11 applicants expressed their interest. The Information Memorandum, valuation matrix, and process note for submitting the Resolution Plan were shared with prospective Resolution Applicants. The last date for submission of the plan was 02.06.2019. The 9th meeting of the Committee of Creditors was held on 10.05.2019, where members with 84.13% of the total voting

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Richa Industries Ltd. on 2018-12-18. The initial 180-day period for CIRP was set to expire on 2019-06-19. Eleven applicants expressed interest following the invitation for Expression of Interest (Eol). The Information Memorandum, valuation matrix, and process note were shared with prospective Resolution Applicants. The last date for submission of the resolution plan was 2019-06-02. The 9th meeting of the Committee of Creditors (CoC) was held on 2019-05-10, where members holding 84.13% of the voting share approved a resolution to file an application for extending the CIRP period. The Resolution Professional filed an application under Section 12(2) of the IBC Code, 2016, read with Regulation 40

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## Issues and analysis

### Issue 1: Whether the application for a 90-day extension of the Corporate Insolvency Resolution Process …

**Ratio:** The legal principle applied is that the Adjudicating Authority has the power to grant an

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**Reasoning:** The court reasoned that the application for extension was justified because the Committee

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**Interpretation:** Section 12(2) of the IBC Code allows for an extension of the CIRP period beyond

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**Application:** In this case, the court applied the ratio and reasoning to the specific facts.

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## Parties

- **Judges:** M.K. Sh…; Pradeep R.…
- **Appellants:** M/s Tata Blue…
- **Respondents:** M/s Richa…
- **Advocates:** Nitin Kant…

## Timeline

- **2018-12-18 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the corporate debtor was initiated as…
- **2019-06-19 — Initial CIRP Period…**: The initial period of 180 days was…

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