# In the matter of Shri Aster Silicates Ltd. IA No. 215-2019 In C.P. (IB) No. 366-NCLT-AHM-2018

> NCLT judgment dated 2019-04-18. Citation: TCN-2019-NCLT-03822. The case involves an application (IA No. 215/2019) filed in relation to a Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 18 Apr 2019
- **Citation:** TCN-2019-NCLT-03822
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shri-aster-silicates-ltd-ia-no-215-2019-in-cp-ib-no-366-nclt-ahm-2018-e1450962

## Summary

### Background

The case involves an application (IA No. 215/2019) filed in relation to a Corporate Insolvency Resolution Process (CIRP) for Shri Aster Silicates Ltd. The application seeks an extension of time for the CIRP beyond the initial 180-day period, as per Section 12(2) of the Insolvency and Bankruptcy Code. The Committee of Creditors (COC) had authorized the Resolution Professional (RP) to seek this extension.

## Facts

The Resolution Professional (RP) for Shri Aster Silicates Ltd. filed an application (IA No. 215/2019) seeking an extension of time for the Corporate Insolvency Resolution Process (CIRP) beyond the initial 180 days. The statutory period of 180 days was set to expire on 2019-04-19, and the application was filed on 2019-04-10. The Committee of Creditors (COC) had authorized the RP to seek this extension in its 4th meeting held on 2019-03-27, as reflected in the minutes of the meeting. The COC voted in favor of the extension of the CIRP period for a further 90 days beyond the initial 180 days with 100% voting. The application was filed under Section 12(2) of the Insolvency and Bankruptcy Code.

## Issues and analysis

### Issue 1: Whether sufficient reasons exist to grant an extension of the Corporate Insolvency Resolution …

**Ratio:** The Adjudicating Authority has the power to grant an extension of the CIRP period if

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**Reasoning:** The court reasoned that the COC had already passed a resolution authorizing the RP to

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**Interpretation:** Section 12(2) of the Insolvency and Bankruptcy Code allows for an extension of

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**Application:** In this case, the court applied the ratio by considering the COC's resolution

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## Parties

- **Judges:** Manorama…
- **Respondents:** Aster Silicates…
- **Advocates:** Pranav G.…

## Timeline

- **2019-03-27 — COC Meet…**: The Committee of Creditors (COC) held its 4th meeting and passed a resolution to seek an…
- **2019-04-10 — Application…**: The Resolution Professional filed the application (IA No. 215/2019) seeking an extension…

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