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

> NCLT judgment dated 2019-03-12. Citation: TCN-2019-NCLT-04461. This is an application to extend the time for filing the Resolution Plan. The CIR process for…

- **Court:** NCLT
- **Order date:** 12 Mar 2019
- **Citation:** TCN-2019-NCLT-04461
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sunstar-overseas-ltd-ib-265pb-2018-a5d22869

## Summary

### Background

This is an application to extend the time for filing the Resolution Plan. The CIR process for Sunstar Overseas Limited was initiated on 20.07.2018, with the initial deadline for completion being 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. The claim of the financial creditors increased from approximately 850 crores to 1100 crores due to an updated information memorandum on 01.03.2019, necessitating changes in the resolution plan.

## Facts

ICICI Bank Ltd. initiated a CIRP against Sunstar Overseas Ltd. under Section 7 of the Insolvency & Bankruptcy Code. The CIRP was initiated on 20.07.2018. The initial deadline for the CIRP was 16.04.2019. 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 claim of the financial creditors increased from approximately 850 crores to 1100 crores due to an updated information memorandum on 01.03.2019. The applicant deposited an earnest money deposit of Rs. 2 crores on 10.03.2019. The applicant requested an

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## Issues and analysis

### Issue 1: Whether the applicant should be granted an …

**Ratio:** An extension of time may be granted when there are valid reasons, such as revisions to

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**Reasoning:** The court reasoned that the revision of the information memorandum, which significantly

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**Interpretation:** The Insolvency & Bankruptcy Code allows for flexibility in the resolution

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**Application:** The court applied the principle that an extension can be granted when there are

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** ICICI Ban…
- **Respondents:** Sunstar Overseas…

## Timeline

- **2018-07-20 — CIRP Init…**: CIRP initiated for…
- **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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