# In the matter of Surya Pharmaceuticals Ltd. (IB)-904(PB)-2018

> NCLT judgment dated 2019-04-02. Citation: TCN-2019-NCLT-04195. The Resolution Professional filed an application seeking an extension of time beyond 06.04.2019…

- **Court:** NCLT
- **Order date:** 2 Apr 2019
- **Citation:** TCN-2019-NCLT-04195
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/surya-pharmaceuticals-ltd-ib-904pb-2018-671bb351

## Summary

### Background

The Resolution Professional filed an application seeking an extension of time beyond 06.04.2019 for a further period of 90 days, as provided by Section 12(2) of the Insolvency and Bankruptcy Code, 2016. The reason for seeking the extension was that the extended date for receipt of 'expression of interest' was 06.04.2019, when the maximum period of 180 days was to expire. The Committee of Creditors (CoC) passed a resolution with 90.04% votes to seek the extension of time, authorizing the Resolution Professional to do so.

## Facts

The Resolution Professional filed an application seeking an extension of time beyond 06.04.2019 for a further 90 days, citing Section 12(2) of the Insolvency and Bankruptcy Code, 2016. The reason was that the deadline for receiving 'expression of interest' was 06.04.2019, marking the end of the initial 180-day period. The CoC supported the extension with a 90.04% vote, authorizing the Resolution Professional to seek the extension. The court found merit in the application and granted the extension.

## Issues and analysis

### Issue 1: Whether the Resolution Professional's application for an extension of time beyond 06.04.2019 should …

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

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**Reasoning:** The court found merit in the application, considering the need for additional time to

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**Interpretation:** Section 12(2) is interpreted to allow for flexibility in the insolvency

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**Application:** The court applied the ratio of Section 12(2) to the specific facts of the case,

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** State Bank of…
- **Respondents:** Surya Pharmaceutic…

## Timeline

- **2019-03-11 — CoC Meet…**: The 4th meeting of the Committee of Creditors (CoC) was held, during which the Resolution…
- **2019-04-01 — Order Del…**: The order was delivered, granting an extension of time for the insolvency resolution…

## 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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