# In the matter of TAVAS Constructions Private Limited IA-165-2020 in CP-1144-IB-2018

> NCLT judgment dated 2021-04-16. Citation: TCN-2021-NCLT-02349. The application IA/165/2020 was filed in CP/1144/IB/2018 under Sections 12, 25, and 60(5) of…

- **Court:** NCLT
- **Order date:** 16 Apr 2021
- **Citation:** TCN-2021-NCLT-02349
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tavas-constructions-private-limited-ia-165-2020-in-cp-1144-ib-2018-5a241e38

## Summary

### Background

The application IA/165/2020 was filed in CP/1144/IB/2018 under Sections 12, 25, and 60(5) of the IBC, 2016, read with Rule 11 of the NCLT Rules, 2016. The Corporate Insolvency Resolution Process (CIRP) for TAVAS Constructions Private Limited was initiated on 2020-03-11. The applicant, S.R. Krishnan, was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP sought exclusion of time period from 2020-03-25 to 2020-12-31 from the CIRP timeline due to the Covid-19 pandemic and associated lockdowns.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. TAVAS Constructions Private Limited on 2020-03-11. S.R. Krishnan was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Due to the Covid-19 pandemic and subsequent lockdowns imposed by the State and Central Governments starting in March 2020, the RP was unable to carry out the CIRP proceedings effectively. The first Committee of Creditors (CoC) meeting was held via video conferencing on 2020-06-12. The 4th CoC meeting held on 2020-11-03 extended the deadline for submission of the Resolution Plan to 2020-12-31. The Corporate Debtor reported a revenue of Rs.2.7 Crore for the year ended 2020-03-31 and had prospective Resolution Applicants

…

## Issues and analysis

### Issue 1: Whether the period from 2020-03-25 to 2020-12-31 should be excluded from the CIRP timeline due to …

**Ratio:** Regulation 40C of the IBBI (Insolvency Resolution Process for Corporate Persons)

…

**Reasoning:** The court considered the averments made in the application, the documents filed in

…

**Interpretation:** Regulation 40C provides a specific exemption for the lockdown period,

…

**Application:** The court applied Regulation 40C to the facts of the case, noting that the

…

## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Respondents:** TAVAS Construction…

## Timeline

- **2020-03-11 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. TAVAS Constructions…
- **2020-03-15 — Public Annou…**: Public announcement made by the IRP,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/tavas-constructions-private-limited-ia-165-2020-in-cp-1144-ib-2018-5a241e38