# In the matter of SGP Software Solutions Pvt. Limited I.A. No. 137-2020 in C.P. (IB) No. 137-BB-2018

> NCLT judgment dated 2020-03-11. Citation: TCN-2020-NCLT-01605. The case pertains to an application (I.A. No.137 of 2020) filed in an ongoing Corporate…

- **Court:** NCLT
- **Order date:** 11 Mar 2020
- **Citation:** TCN-2020-NCLT-01605
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sgp-software-solutions-pvt-limited-ia-no-137-2020-in-cp-ib-no-137-bb-2018-d8b65a54

## Summary

### Background

The case pertains to an application (I.A. No.137 of 2020) filed in an ongoing Corporate Insolvency Resolution Process (CIRP) of M/s. SGP Software Solutions Private Limited. The CIRP was initiated based on an application under Section 9 of the IBC, 2016, filed by Mr. Joji Thomas. The Adjudicating Authority admitted the CIRP on 24.09.2019 and appointed Mr. MotappaThimmarayaswamy as the Interim Resolution Professional (IRP), who was later confirmed as the Resolution Professional (RP). The RP sought an extension of the CIRP period by 60 days, from 22nd March 2020 to 21st May 2020.

## Facts

Mr. Joji Thomas initiated the Corporate Insolvency Resolution Process (CIRP) against M/s. SGP Software Solutions Private Limited by filing CP(IB) No. 137/BB/2018 under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the CIRP on 24.09.2019 and appointed Mr. MotappaThimmarayaswamy as the Interim Resolution Professional (IRP). The IRP made a public announcement on 11.10.2019. The Committee of Creditors (CoC) confirmed the IRP as the Resolution Professional (RP) in its first meeting held on 06.11.2019. In the second CoC meeting held on 14.01.2020, Yes Bank Limited, the sole member of the CoC, invoked the corporate guarantee and recovered from the guarantor outstanding dues from the Corporate Debtor. The RP reconstituted the

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## Issues and analysis

### Issue 1: Whether the extension of the Corporate Insolvency Resolution Process (CIRP) period for M/s. SGP …

**Ratio:** Section 12(2) & (3) of the IBC, 2016, and Rule 40 of the IBBI (CIRP) Regulations,

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**Reasoning:** The court considered the circumstances presented by the Resolution Professional (RP) that

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**Interpretation:** Section 12 of the IBC provides a timeline for the completion of the CIRP.

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**Application:** In this case, the Resolution Professional (RP) demonstrated that despite making

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** M/s. SGP Software…

## Timeline

- **2019-09-24 — CIRP Init…**: Adjudicating Authority admitted the CIRP against M/s. SGP Software Solutions Private…
- **2019-09-24 — Appointment…**: Mr. MotappaThimmarayaswamy was appointed as…

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