# In the matter of Siddharth Milk & Milk Products Private Limited  I.A. No. 2072 of 2020
in C.P. (IB) No. 3508-MB-2018

> NCLT judgment dated 2020-12-18. Citation: TCN-2020-NCLT-00049. The case involves an application (I.A. No. 2072 of 2020) within a Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 18 Dec 2020
- **Citation:** TCN-2020-NCLT-00049
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/siddharth-milk-milk-products-private-limited-ia-no-2072-of-2020-in-cp-ib-no-3508-66e3af38

## Summary

### Background

The case involves an application (I.A. No. 2072 of 2020) within a Corporate Insolvency Resolution Process (CIRP) initiated under C.P. (IB) No. 3508/MB/2018. The CIRP was admitted on 2019-04-26. The applicants are the Successful Resolution Applicants in the CIRP. Their Resolution Plan was approved by the Committee of Creditors (CoC) with 82.25% voting share, which was approved by the Tribunal on 2020-08-03. The applicants are now seeking an extension of time to implement the approved Resolution Plan due to difficulties arising from the Covid-19 pandemic.

## Facts

The Corporate Insolvency Resolution Process (CIRP) for Siddharth Milk and Milk Products Private Limited was initiated and admitted by the Tribunal on 2019-04-26. The Resolution Plan submitted by the Applicants was approved by the Committee of Creditors (CoC) with 82.25% voting share and subsequently approved by the Tribunal on 2020-08-03. The Applicants, being the Successful Resolution Applicants, are now seeking an extension of time to implement the approved Resolution Plan. The original schedule for various obligations under the Resolution Plan is compared with a revised schedule, indicating delays. The primary reason cited for seeking the extension is the disruption caused by the Covid-19 pandemic, which has hindered business operations. Suraksha Asset

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## Issues and analysis

### Issue 1: Whether the extension of time for implementation of the approved Resolution Plan should be granted …

**Ratio:** The Tribunal has the discretion to grant an extension of time for the implementation of a

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**Reasoning:** The court considered the submissions of the Resolution Applicants regarding the

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**Interpretation:** The interpretation is that the Tribunal can exercise its discretion to grant an

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**Application:** In this case, the Covid-19 pandemic was considered a valid reason for seeking

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## Parties

- **Judges:** Janab Mohammed…; V. Nallasen…
- **Appellants:** Ajay Babula…
- **Respondents:** Siddharth Milk…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition bearing No. 3508 of 2018 filed against the Corporate Debtor under…
- **2019-04-26 — CIRP Admi…**: Corporate Insolvency Resolution Process…

## 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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