# In the matter of Trimurti Corns Agro Foods Pvt. Ltd. MA 1551 & 1763-2019 in CP(IB) 1570(MB)-2017

> NCLT judgment dated 2019-05-09. Citation: TCN-2019-NCLT-03366. The case involves an application (MA 1551/2019) filed by the Resolution Professional under…

- **Court:** NCLT
- **Order date:** 9 May 2019
- **Citation:** TCN-2019-NCLT-03366
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/trimurti-corns-agro-foods-pvt-ltd-ma-1551-1763-2019-in-cpib-1570mb-2017-0c59c562

## Summary

### Background

The case involves an application (MA 1551/2019) filed by the Resolution Professional under Section 12 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking a 90-day extension for the completion of the Corporate Insolvency Resolution Process (CIRP). The applicant states that the Committee of Creditors (CoC) passed a resolution to seek this extension. The CoC resolution instructed Harshad Deshpande to apply to the Adjudicating Authority under Section 12 of the IBC to extend the insolvency resolution process by 90 days.

## Facts

The Resolution Professional filed MA 1551/2019 seeking a 90-day extension for the completion of the CIRP, citing a resolution passed by the CoC. The CoC resolution authorized Harshad Deshpande to present the application for seeking an extension. However, the court noted that the CoC resolution did not explicitly seek a 90-day extension. The CoC has a vote share of 66%, which allows it to seek an extension of 90 days. The application was filed under Section 12 of the IBC.

## Issues and analysis

### Issue 1: Whether the application for a 90-day extension of the CIRP period, filed by the Resolution …

**Ratio:** The CoC, with a vote share of 66%, has the authority to seek an extension of 90 days for

…

**Reasoning:** The court reasoned that while the CoC authorized Harshad Deshpande to present the

…

**Interpretation:** Section 12 of the IBC requires the CoC to make a clear decision regarding the

…

**Application:** In this case, the CoC's resolution only authorized the presentation of the

…

## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** Fairmacs Shipping…
- **Respondents:** Trimurti corns…

## Timeline

- **2019-05-09 — Hearing…**: Hearing of Mumbai Bench of the…
- **N/A — Filing of MA 1…**: MA 1551/2019 filed by the Resolution Professional seeking a 90-day extension for CIRP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

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/trimurti-corns-agro-foods-pvt-ltd-ma-1551-1763-2019-in-cpib-1570mb-2017-0c59c562