# In the matter of Sahil International Pvt. Ltd. CA No. 521-2019 in CP (IB) No. 121-Chd-Pb-2018

> NCLT judgment dated 2019-07-25. Citation: TCN-2019-NCLT-02297. The application was filed by the Resolution Professional stating that the initial 180 days of…

- **Court:** NCLT
- **Order date:** 25 Jul 2019
- **Citation:** TCN-2019-NCLT-02297
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sahil-international-pvt-ltd-ca-no-521-2019-in-cp-ib-no-121-chd-pb-2018-a27e0862

## Summary

### Background

The application was filed by the Resolution Professional stating that the initial 180 days of the Corporate Insolvency Resolution Process (CIRP) expired on July 20, 2019. The 4th meeting of the Committee of Creditors (CoC) dated July 10, 2019, approved an extension of 90 days for the CIRP, as per Item No. 12 of the meeting's agenda.

## Facts

RPG Industrial Product Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against M/s Sahil International Pvt. Ltd. as an Operational Creditor. The initial 180-day period for the CIRP expired on July 20, 2019. The Resolution Professional filed an application seeking an extension of 90 days, which was approved by the Committee of Creditors (CoC) in its meeting on July 10, 2019. An Expression of Interest (EOI) was invited, and one EOI was received along with certain queries, but no resolution plan was finalized. The CoC approved another EOI. The Resolution Professional sought the extension to complete the CIRP.

## Issues and analysis

### Issue 1: Whether an extension of 90 days for the Corporate Insolvency Resolution Process (CIRP) should be …

**Ratio:** The court has the power to grant an extension of time for the completion of the CIRP,

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**Reasoning:** The court considered the submissions made by the Resolution Professional, including the

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**Interpretation:** Section 12 of the Insolvency and Bankruptcy Code, 2016 allows for the extension

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**Application:** Given that the Committee of Creditors had approved the extension and an EOI had

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## Parties

- **Judges:** M.K. Sh…; Pradeep R.…
- **Appellants:** RPG Industrial…
- **Respondents:** M/s Sahil…

## Timeline

- **2019-07-20 — Expiry of Initial CIRP…**: The initial 180-day period for the Corporate…
- **2019-07-10 — CoC Meet…**: The 4th meeting of the Committee of Creditors (CoC) approved an extension of 90 days for…

## Legal provisions

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

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