# In the matter of Samyu Glass Private Ltd. IA No. 699-2020 in CP (IB) No. 153-7-HDB-2019

> NCLT judgment dated 2020-09-22. Citation: TCN-2020-NCLT-00552. The case pertains to an application filed by the Resolution Professional, Mr. Sreenivasa Rao…

- **Court:** NCLT
- **Order date:** 22 Sept 2020
- **Citation:** TCN-2020-NCLT-00552
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/samyu-glass-private-ltd-ia-no-699-2020-in-cp-ib-no-153-7-hdb-2019-92cc3b2a

## Summary

### Background

The case pertains to an application filed by the Resolution Professional, Mr. Sreenivasa Rao Ravinuthala, under Section 12 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 40 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking a further extension of 30 days for the completion of the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor, M/s. Samyu Glass Private Limited. The CIRP was initiated following a petition filed by Andhra Bank (now Union Bank of India) under Section 7 of the IBC, which was admitted by the Tribunal on 18.10.2019. The initial deadline for CIRP completion was April 14, 2020, but the Committee of Creditors (CoC) sought extensions due to the lockdown period. The Tribunal had

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## Facts

Andhra Bank (now Union Bank of India) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) for initiating Corporate Insolvency Resolution Process (CIRP) against M/s. Samyu Glass Private Limited, the Corporate Debtor. The petition was admitted by the NCLT on 18.10.2019. Mr. Sreenivasa Rao Ravinuthala was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The initial CIRP deadline was April 14, 2020 (180 days from the admission date). Public announcement was made on 25.10.2019. The Committee of Creditors (CoC) was formed on 14.11.2019. The CoC passed a resolution on 18.03.2020 to seek an extension of time and exclusion of the lockdown period (25.03.2020 to 30.06.2020). The Tribunal extended

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## Issues and analysis

### Issue 1: Whether the CIRP period for M/s. Samyu …

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

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**Reasoning:** The Tribunal considered the reasons provided by the Resolution Professional, the

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**Interpretation:** Section 12 of the IBC provides a mechanism for extending the CIRP period when

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**Application:** In this case, the Tribunal applied Section 12 of the IBC and Regulation 40 of

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## Parties

- **Judges:** K. Anantha…; Veera Brahma Rao…
- **Appellants:** Andhra…
- **Respondents:** Samyu Glass…; Samyu Glass Pvt…

## Timeline

- **2019-10-18 — CIRP Init…**: Petition filed by Andhra Bank under…
- **2019-10-25 — Public Annou…**: Public announcement regarding the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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