# In the matter of Sunstar Overseas Ltd. (IB)-265(PB)-2018

> NCLT judgment dated 2019-03-12. Citation: TCN-2019-NCLT-04465. This case involves an application to extend the time for filing a resolution plan in the…

- **Court:** NCLT
- **Order date:** 12 Mar 2019
- **Citation:** TCN-2019-NCLT-04465
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sunstar-overseas-ltd-ib-265pb-2018-73c572c7

## Summary

### Background

This case involves an application to extend the time for filing a resolution plan in the corporate insolvency resolution process (CIRP) of Sunstar Overseas Limited. The CIRP was initiated on 20.07.2018, and the initial deadline was 16.04.2019. The resolution professional invited expressions of interest on 24.12.2018, and the applicant was shortlisted on 18.01.2019. The information memorandum was issued on 23.01.2019 and updated on 01.03.2019. The last date for inviting the Resolution Plan was fixed for 11.03.2019, which was extended from 25.02.2019.

## Facts

ICICI Bank Ltd. initiated a corporate insolvency resolution process (CIRP) against Sunstar Overseas Ltd. The CIRP was initiated on 20.07.2018, with an initial deadline of 16.04.2019 for completion. The resolution professional invited expressions of interest on 24.12.2018, and the applicant was shortlisted on 18.01.2019. An information memorandum was issued on 23.01.2019 and updated on 01.03.2019. The last date for inviting the Resolution Plan was fixed for 11.03.2019, which was extended from 25.02.2019. The information memorandum update on 01.03.2019 increased the claim of financial creditors from approximately 850 crores to 1100 crores. The applicant requested an extension to submit a revised resolution plan, supported by an earnest money deposit of Rs. 2 crores

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## Issues and analysis

### Issue 1: Whether the applicant should be granted an extension of time to submit a revised resolution plan in …

**Ratio:** The court has the discretion to grant extensions of time in CIRP proceedings to ensure a

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**Reasoning:** The court reasoned that the updated information memorandum, which significantly increased

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**Interpretation:** This legal issue involves the interpretation of the Insolvency and Bankruptcy

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** ICICI Ban…
- **Respondents:** Sunstar Overseas…
- **Advocates:** K. Da…; Prithu…; +2 more

## Timeline

- **2018-07-20 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2018-12-24 — Expression of Interest…**: Resolution professional…

## 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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