# In the matter of Sagar Power (Neerukatte) Private Limited I.A. No. 164-2020 in C.P. (IB) No. 243-BB-2018

> NCLT judgment dated 2020-05-28. Citation: TCN-2020-NCLT-01303. The case pertains to an application (I.A. No. 164 of 2020) filed in an ongoing Corporate…

- **Court:** NCLT
- **Order date:** 28 May 2020
- **Citation:** TCN-2020-NCLT-01303
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sagar-power-neerukatte-private-limited-ia-no-164-2020-in-cp-ib-no-243-bb-2018-d3de8093

## Summary

### Background

The case pertains to an application (I.A. No. 164 of 2020) filed in an ongoing Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Sagar Power (Neerukate) Private Limited. The CIRP was initiated based on a petition filed by M/s. Pridhvi Asset Reconstruction and Securitisation Company Limited under Section 7 of the IBC, 2016. The Adjudicating Authority admitted the petition on September 27, 2019, appointing Mr. Pankaj Srivastava as the Interim Resolution Professional (IRP), who was later confirmed as the Resolution Professional (RP). The initial 180-day period for the CIRP was to end on March 28, 2020. The RP received two resolution plans by March 14, 2020, but the Committee of Creditors (COC) deemed the initial period insufficient. Therefore, in their

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## Facts

M/s. Pridhvi Asset Reconstruction and Securitisation Company Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Sagar Power (Neerukate) Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on September 27, 2019, and Mr. Pankaj Srivastava was appointed as the Interim Resolution Professional (IRP). He was later confirmed as the Resolution Professional (RP). The initial 180-day period for CIRP was to end on March 28, 2020. The RP received two resolution plans by March 14, 2020. The Committee of Creditors (COC) approved a resolution in their 7th meeting on March 16, 2020, to seek a 90-day extension of the CIRP period because the initial time was insufficient to evolve

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## Issues and analysis

### Issue 1: Whether the extension of the Corporate Insolvency Resolution Process (CIRP) period for a further 90 …

**Ratio:** The ratio is based on Section 12 of the Insolvency and Bankruptcy Code (IBC), 2016, and

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**Reasoning:** The court reasoned that the initial 180-day period was insufficient to evolve resolution

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**Interpretation:** Section 12 of the IBC and Regulation 40(2) of the IBBI (CIRP) Regulations are

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**Application:** The court applied this interpretation to the facts of the case, noting that the

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s Pridhvi Asset…
- **Respondents:** M/s. Sagar Power…; M/s Sagar power…

## Timeline

- **2018-01-01 — Initial Company…**: M/s. Pridhvi Asset Reconstruction and Securitisation Company Limited filed the initial…
- **2019-09-27 — CIRP Init…**: The Adjudicating Authority admitted the petition and initiated CIRP, appointing Mr.…

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