# In the matter of Shree Basant OIls Limited IA No. 281-2020 in CP No. (IB) 504-ALD-2019

> NCLT judgment dated 2020-11-12. Citation: TCN-2020-NCLT-00259. The matter pertains to an application filed under Section 12(2) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 12 Nov 2020
- **Citation:** TCN-2020-NCLT-00259
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-basant-oils-limited-ia-no-281-2020-in-cp-no-ib-504-ald-2019-aeb524ed

## Summary

### Background

The matter pertains to an application filed under Section 12(2) of the Insolvency and Bankruptcy Code (IBC) seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period. The applicant/Resolution Professional (RP) requested an extension of 90 days beyond the initial 180-day period, along with the exclusion of the lockdown period from March 25, 2020, to June 30, 2020.

## Facts

Dr. Ram Kumar Mishra, PCMA, representing the applicant/RP, filed an application under Section 12(2) of the IBC seeking an extension of the CIRP period. The application requested a 90-day extension beyond the initial 180 days and the exclusion of the lockdown period from March 25, 2020, to June 30, 2020. The CoC, in its fourth meeting held on July 20, 2020, passed a resolution approving the extension of CIRP with 100% voting shares. The applicant argued that the extension was necessary due to the circumstances, including the lockdown. The court considered these facts and the submissions made by the applicant/RP.

## Issues and analysis

### Issue 1: Whether the extension of the CIRP period beyond 180 days, as requested under Section 12(2) of the …

**Ratio:** Section 12(2) of the IBC allows for the extension of the CIRP period beyond 180 days,

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**Reasoning:** The court reasoned that the CoC had already approved the extension of the CIRP period

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**Interpretation:** Section 12(2) provides a mechanism for extending the CIRP period when

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**Application:** In this case, the CoC's approval with 100% voting shares and the applicant's

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## Parties

- **Judges:** Rajesh Daya…
- **Respondents:** RENU BALA V/S…

## Timeline

- **2020-07-20 — CoC Meet…**: The Committee of Creditors (CoC) held its fourth meeting and passed a resolution for the…
- **2020-03-25 — Start of Lockdo…**: The lockdown period…

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