# In the matter of Transstroy Tiruthani- Tiruthani - Chennai Tollways Private Limited IA No. 610-2020 in CP (IB) No. 262-7-HDB-2018

> NCLT judgment dated 2020-09-16. Citation: TCN-2020-NCLT-00615. The case pertains to an application (IA No. 610 of 2020) filed in CP(IB) No. 262/7/HDB/2018…

- **Court:** NCLT
- **Order date:** 16 Sept 2020
- **Citation:** TCN-2020-NCLT-00615
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/transstroy-tiruthani-tiruthani-chennai-tollways-private-limited-ia-no-610-2020-i-5dfdca56

## Summary

### Background

The case pertains to an application (IA No. 610 of 2020) filed in CP(IB) No. 262/7/HDB/2018 under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, regarding the Corporate Insolvency Resolution Process (CIRP) of M/s. Transstroy Tirupati Thiruthani Chennai Tollways Private Limited. The applicant, the Resolution Professional (RP), sought an extension of 45 days to complete the CIRP, in addition to the existing 330 days, due to delays caused by communication issues, NHAI approvals, and the COVID-19 pandemic. The CIRP was initiated on 03.06.2019, and several extensions were previously granted. The CoC approved the extension application.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Transstroy Tirupati Thiruthani Chennai Tollways Private Limited on 03.06.2019. Mr. G. Madhusudhan Rao was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Sanjay Kumar Mishra as the Resolution Professional (RP). The Adjudicating Authority had previously extended the CIRP period by 90 days (order dated 25.11.2019) and 20 days (order dated 03.03.2020). The RP received a Resolution Plan from IARC on 06.08.2020. The CoC deliberated on the need for an extension application due to the review of the Resolution Plan, negotiations with the Resolution Applicant, discussions with NHAI, and obtaining internal approvals. The CoC unanimously resolved to seek a 45-day

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should grant an extension of 45 days for the completion of the …

**Ratio:** The ratio is based on the interpretation of Section 12 of the IBC, 2016, and the

…

**Reasoning:** The court reasoned that the delays in the CIRP process were due to factors such as

…

**Interpretation:** The interpretation of Section 12 of the IBC, 2016, is that while the CIRP

…

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

…

## Parties

- **Judges:** K. Anantha…
- **Appellants:** Sanjay Kumar…
- **Respondents:** Transstroy…; Transstroy…

## Timeline

- **2019-06-03 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2019-11-25 — CIRP Exte…**: Adjudicating Authority extended…

## 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/transstroy-tiruthani-tiruthani-chennai-tollways-private-limited-ia-no-610-2020-i-5dfdca56