# In the matter of RSAL Steel Private Limited IA No. 776-MB-2020 in C.P. (IB) No. 2985-MB-2018

> NCLT judgment dated 2020-10-27. Citation: TCN-2020-NCLT-00329. The case pertains to IA No. 776/MB/2020 in C.P. (IB) No. 2985/MB/2018 before the Mumbai Bench…

- **Court:** NCLT
- **Order date:** 27 Oct 2020
- **Citation:** TCN-2020-NCLT-00329
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rsal-steel-private-limited-ia-no-776-mb-2020-in-cp-ib-no-2985-mb-2018-72b06483

## Summary

### Background

The case pertains to IA No. 776/MB/2020 in C.P. (IB) No. 2985/MB/2018 before the Mumbai Bench of the National Company Law Tribunal. The applicant sought an extension of the Corporate Insolvency Resolution Process (CIRP) period by 90 days.

## Facts

The applicant filed IA 776 of 2020 seeking a 90-day extension of the CIRP period. The basis for the extension was a resolution passed by the Committee of Creditors (CoC) in its 3rd meeting held on 2020-02-05. The CoC approved the extension with a 100% vote share. The application was considered under Section 12 of the Insolvency and Bankruptcy Code (IBC), 2016. The court found the application to be in consonance with Section 12 of the IBC, 2016.

## Issues and analysis

### Issue 1: Whether the application for extension of the CIRP period by 90 days should be allowed based on the …

**Ratio:** An application for extension of the CIRP period can be allowed if it is in consonance

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**Reasoning:** The court reasoned that the CoC had approved the extension with a 100% vote share, and

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

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**Application:** The court applied the ratio to the facts by noting that the CoC approved the

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## Parties

- **Judges:** Harihar Prakash…; V. Nallasen…
- **Respondents:** RSAL Steel…

## Timeline

- **2020-02-05 — CoC Meet…**: The CoC held its 3rd meeting and passed a…
- **2020-10-27 — Order Da…**: The National Company Law Tribunal (NCLT) approved the application for a 90-day extension…

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