# In the matter of Shriram land Development Pvt. Ltd. IA-1331-IB-2020 in IBA-863-2019

> NCLT judgment dated 2021-10-01. Citation: TCN-2021-NCLT-00914. The application was filed under Section 12(2) of IBC, 2016, seeking an extension of the…

- **Court:** NCLT
- **Order date:** 1 Oct 2021
- **Citation:** TCN-2021-NCLT-00914
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shriram-land-development-pvt-ltd-ia-1331-ib-2020-in-iba-863-2019-3a9399c8

## Summary

### Background

The application was filed under Section 12(2) of IBC, 2016, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period. The CIRP had already commenced on September 20, 2019, and the 330-day period had expired without a resolution plan.

## Facts

An application was filed under Section 12(2) of IBC, 2016 for an extension of the Corporate Insolvency Resolution Process (CIRP) period. The CIRP had commenced on September 20, 2019, by an order of the Adjudicating Authority. The statutory 330-day period for the CIRP had already ended, and no resolution plan had been put forth for the revival of the Corporate Debtor. The counsel for the applicant informed the Tribunal that there was no resolution plan available for the corporate debtor's revival, and there was no viability for its revival. Consequently, the request for an extension of the CIRP period was declined by the Adjudicating Authority. Since the 330-day period had expired without a resolution plan, the Adjudicating Authority ordered the liquidation of the

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) period should be extended when no …

**Ratio:** An extension of the CIRP period will be declined if no resolution plan is available and

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**Reasoning:** The Tribunal found that no resolution plan was available for the corporate debtor's

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**Interpretation:** Section 12(2) of the IBC, 2016, which allows for extension of CIRP, is

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**Application:** Since the 330-day CIRP period for M/s. Shriram Land Development Pvt. Ltd. had

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** Krishnasamy…
- **Respondents:** Shriram Land…; M/s Shriram Land…
- **Advocates:** For the Applicant:…; Ld. Cou…

## Timeline

- **September 20, 2019 — CIRP Commen…**: The Corporate Insolvency Resolution Process (CIRP) commenced by order of the Adjudicating…
- **October 1, 2021 — Hearing…**: Attendance cum order sheet of the hearing of Chennai Bench, Chennai National Company Law…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12(2) — Time-limit for completion of insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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