# In the matter of Sky Blue Papers CA No.154/2017 In CP (IB) NO. 09/Chd/CHD/2017

> NCLT judgment dated 2017-10-03. Citation: TCN-2017-NCLT-00329. The Resolution Professional filed an application seeking an extension of time for the…

- **Court:** NCLT
- **Order date:** 3 Oct 2017
- **Citation:** TCN-2017-NCLT-00329
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sky-blue-papers-ca-no1542017-in-cp-ib-no-09chdchd2017-67340762

## Summary

### Background

The Resolution Professional filed an application seeking an extension of time for the completion of the corporate insolvency resolution process. This was based on a decision made by the Committee of Creditors (CoC) during a meeting held on 2017-09-19. The minutes of the meeting are attached as Annexure A-5. During Agenda Item No. 7, the Resolution Professional, Mr. Jalesh Grover, was authorized by the CoC to seek an extension of time for completing the corporate insolvency resolution process, as per section 12(2) of the Insolvency and Bankruptcy Code, 2016. Notice of the application was issued to the learned counsel for Punjab National Bank, which holds more than 99% of the voting share in the CoC. The learned counsel for Punjab National Bank, acting as the Financial

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## Facts

Sky blue Papers Pvt. Ltd. is the corporate debtor. An application was filed by the Resolution Professional seeking an extension of time for the completion of the corporate insolvency resolution process. The Committee of Creditors (CoC) authorized the Resolution Professional to seek this extension. Punjab National Bank, holding over 99% of the voting share in the CoC, did not oppose the extension. The initial 180-day period for the insolvency resolution process was expiring on 2017-10-03. The resolution plan was submitted to the CoC, which requested time for examination and approval. Punjab National Bank also filed CA No. 151/2017 seeking the replacement of the Resolution Professional, which was accepted by the Tribunal. The proposed replacement's name was forwarded to

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## Issues and analysis

### Issue 1: Whether the application for extension of time for completion of the corporate insolvency resolution …

**Ratio:** Section 12(2) of the Insolvency and Bankruptcy Code, 2016 allows for the extension of the

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**Reasoning:** The Tribunal considered the ongoing deliberations on the resolution plan, the request

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**Interpretation:** Section 12(2) provides the legal basis for extending the timeline of the CIRP,

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**Application:** Given the circumstances, including the ongoing resolution plan deliberations

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## Parties

- **Judges:** R.P.Nag…
- **Respondents:** Sky Blue Papers…; Sky blue Papers…; +1 more

## Timeline

- **2017-04-07 — Tribunal Appo…**: Tribunal appointed Interim…
- **2017-08-29 — CoC Meet…**: Committee of Creditors…

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