# In the matter of Trivandrum International Health Services Ltd. IA(IBC)-86-KOB-2021 in IBA-51-KOB-2019

> NCLT judgment dated 2021-06-16. Citation: TCN-2021-NCLT-01963. The case pertains to an application filed by the Resolution Professional (RP) under Section…

- **Court:** NCLT
- **Order date:** 16 Jun 2021
- **Citation:** TCN-2021-NCLT-01963
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/trivandrum-international-health-services-ltd-iaibc-86-kob-2021-in-iba-51-kob-201-aed22eda

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 40(C) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The RP sought exclusion of 40 days from the Corporate Insolvency Resolution Process (CIRP) period due to a lockdown imposed from 08.05.2021 to 16.06.2021. The CIRP was initiated against Trivandrum International Health Services Ltd (Corporate Debtor) following an application by Dhanalaxmi Bank Ltd (Financial Creditor), which was admitted on 07.02.2020. The RP had received three resolution plans but progress was hindered by the lockdown.

## Facts

Dhanalaxmi Bank Ltd, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Trivandrum International Health Services Ltd, the Corporate Debtor. The CIRP was admitted on 07.02.2020. The Resolution Professional (RP) was appointed and received three resolution plans following an Expression of Interest (EOI) invited on 26.10.2020. However, progress was stalled due to a lockdown. The RP filed an application seeking exclusion of 40 days from the CIRP period, corresponding to the lockdown imposed by the Kerala Government from 08.05.2021 to 16.06.2021. The Committee of Creditors (CoC) supported this exclusion to facilitate the completion of the CIRP and selection of a suitable resolution plan. The last date of completion of 180 days of CIRP

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## Issues and analysis

### Issue 1: Whether the Resolution Professional's application for exclusion of 40 days from the Corporate …

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

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**Reasoning:** The Tribunal considered the submissions of the Resolution Professional, the resolution

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**Interpretation:** The Tribunal interpreted Regulation 40(C) and Section 60(5) of the IBC to

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**Application:** The Tribunal applied the ratio to the specific facts of the case, noting the

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## Parties

- **Judges:** Ashok Kumar…; Satya Ranjan…
- **Appellants:** Raju Palanilkunnat…
- **Respondents:** Trivandrum…; Dhanalaxmi Bank…
- **Advocates:** Vinod Padinjhare…

## Timeline

- **2020-02-07 — CIRP Admi…**: The Corporate Insolvency Resolution Process (CIRP) against Trivandrum International…
- **2020-08-06 — IRP Appoi…**: The Interim Resolution Professional (IRP) was appointed as Resolution Professional in the…

## 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)

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