# In the matter of Technova Plastics Industries Pvt. Ltd. IA 271-2019 in C.P. (IB) No. 189-NCLT-AHM-2018

> NCLT judgment dated 2019-06-06. Citation: TCN-2019-NCLT-03040. The application IA 271 of 2019 was filed in conjunction with C.P. (I.B) No. 189/NCLT/AHM/2018,…

- **Court:** NCLT
- **Order date:** 6 Jun 2019
- **Citation:** TCN-2019-NCLT-03040
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/technova-plastics-industries-pvt-ltd-ia-271-2019-in-cp-ib-no-189-nclt-ahm-2018-08c0a240

## Summary

### Background

The application IA 271 of 2019 was filed in conjunction with C.P. (I.B) No. 189/NCLT/AHM/2018, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period. The applicant, Bank of Baroda, requested an extension of 90 days beyond the initial 180-day period for the CIRP completion. They also initially sought to exclude the period from 07.12.2018 to 26.04.2019, which was the time taken for the replacement of the Interim Resolution Professional (IRP) under section 22(3)(b) of the IB Code, from the computation of the 180-day period.

## Facts

Bank of Baroda, as the financial creditor, filed an application under section 12(2) of the IB Code seeking a 90-day extension to the CIRP beyond the initial 180 days. The application also initially sought exclusion of the period from 07.12.2018 to 26.04.2019, which was the time taken to replace the Interim Resolution Professional (IRP). The Committee of Creditors (COC) had approved the extension in its meeting on 07.05.2019 with 100% voting. The statutory period of 180 days expired on 10.05.2019, and the application was filed on the same day. The request to exclude the period for IRP replacement was later withdrawn.

## Issues and analysis

### Issue 1: Whether the extension of the CIRP period for an additional 90 days beyond the initial 180 days …

**Ratio:** Section 12(2) of the IB Code allows for the extension of the CIRP period beyond 180 days,

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**Reasoning:** The court considered the resolution passed by the Committee of Creditors (COC) in its 3rd

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**Interpretation:** Section 12(2) provides a mechanism for extending the CIRP period when

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**Application:** The COC's unanimous approval and the reasons provided in the application, which

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## Parties

- **Judges:** Manorama…
- **Appellants:** Bank of B…
- **Respondents:** Technova Plastics…
- **Advocates:** Bhant…

## Timeline

- **2018-01-01 — C.P. (I.B) No.…**: The original Corporate Insolvency…
- **2018-12-07 — Start of IRP Replacement…**: The period for the replacement of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12(2) — Time-limit for completion of insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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