# In the matter of Suman Agritech Limited IA 788-MB-2020 in CP(IB) 1003-MB-1-2019

> NCLT judgment dated 2020-08-07. Citation: TCN-2020-NCLT-00888. The National Company Law Tribunal (NCLT) Mumbai Bench was constituted to hear urgent matters…

- **Court:** NCLT
- **Order date:** 7 Aug 2020
- **Citation:** TCN-2020-NCLT-00888
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/suman-agritech-limited-ia-788-mb-2020-in-cpib-1003-mb-1-2019-705acceb

## Summary

### Background

The National Company Law Tribunal (NCLT) Mumbai Bench was constituted to hear urgent matters via video conference due to the Covid-19 pandemic. The tribunal considered an application (IA 788/MB/2020) in a Corporate Insolvency Resolution Process (CIRP) case, CP(IB) 1003/MB-1/2019, between Allahabad Bank and Suman Agritech Limited. The application sought an extension of the CIRP period.

## Facts

Allahabad Bank initiated a Corporate Insolvency Resolution Process (CIRP) against Suman Agritech Limited under CP(IB) 1003/MB-1/2019. The initial CIRP period of 180 days expired on 2020-02-23. Prior to the expiry, on 2020-02-04, the Committee of Creditors (CoC) approved a resolution for the extension of the CIRP period and authorized the Resolution Professional (RP) to file an application before the NCLT for the extension. The application (IA 788/MB/2020) was filed on 2020-02-17. A resolution plan was submitted and was under consideration. The NCLT considered the application for extension of the CIRP period.

## Issues and analysis

### Issue 1: Whether the CIRP period …

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

…

**Reasoning:** The tribunal considered the fact that the CoC had approved the resolution for extension

…

**Interpretation:** Section 12 of the IBC allows for extension of CIRP period if the CoC approves

…

**Application:** The tribunal applied the provisions of Section 12 of the IBC to the facts of

…

## Parties

- **Judges:** V. Nallasen…; Janab Mohammed…
- **Appellants:** Allahabad…
- **Respondents:** Suman Agritech…

## Timeline

- **2020-02-04 — CoC Meet…**: The Committee of Creditors (CoC) approved the resolution for the extension of the CIRP…
- **2020-02-17 — Application…**: IA 788/MB/2020, the application for extension…

## Legal provisions

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

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