# In the matter of Trimax IT Infrastructure and Services Ltd. MA 2818 & 2827-2019 in C.P.(IB) 3457-(MB)-2018

> NCLT judgment dated 2019-08-19. Citation: TCN-2019-NCLT-01925. The case involves an application for the extension of the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 19 Aug 2019
- **Citation:** TCN-2019-NCLT-01925
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/trimax-it-infrastructure-and-services-ltd-ma-2818-2827-2019-in-cpib-3457-mb-2018-6d8040f4

## Summary

### Background

The case involves an application for the extension of the Corporate Insolvency Resolution Process (CIRP) period. The Resolution Professional (RP) filed MA 2818/2019 seeking a 90-day extension beyond the initial 180-day period. The applicant contends that the petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, was admitted on 21.2.2019, and the initial CIRP period was ending on 20.8.2019.

## Facts

The Corporation Bank initiated Corporate Insolvency Resolution Process (CIRP) against Trimax IT Infrastructure and Services Ltd. An application under Section 7 of the IBC was admitted on 2019-02-21. The initial CIRP period was set to end on 2019-08-20. The Resolution Professional (RP) filed MA 2818/2019 seeking a 90-day extension of the CIRP period. The Committee of Creditors (CoC) approved the extension with a 98.11% vote share in its 7th meeting held on 2019-08-09 and authorized the RP to apply to the Adjudicating Authority for the extension. MA 2827/2019 was filed for urgent listing of MA 2818/2019. The relevance of the CoC's approval is that it demonstrates the creditors' support for continuing the CIRP process to find a resolution. The RP's application is crucial

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## Issues and analysis

### Issue 1: Whether the application for a 90-day extension of the CIRP period should be granted based on the …

**Ratio:** The Adjudicating Authority can grant an extension of the CIRP period if the Committee of

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**Reasoning:** The court reasoned that the CoC had passed a resolution with a 98.11% vote share

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**Interpretation:** Section 12(2) of the IBC allows for the extension of the CIRP period beyond 180

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**Application:** In this case, the CoC approved the extension with a 98.11% vote share, and the

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## Parties

- **Judges:** V. P. S…; RAJESH S…
- **Respondents:** Trimax IT…

## Timeline

- **2019-02-21 — Admission of Section 7…**: The petition filed under Section 7 of the…
- **2019-08-20 — End of Initial CIRP…**: The statutory period for the…

## 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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