# In the matter of Unishire Regency Park LLP I.A. Nos. 354 & 392-BB-2021 in CP (IB) No. 224-BB-2019

> NCLT judgment dated 2022-01-03. Citation: TCN-2022-NCLT-04560. The case involves an application for liquidation of the Corporate Debtor, M/s. Unishire Regency…

- **Court:** NCLT
- **Order date:** 3 Jan 2022
- **Citation:** TCN-2022-NCLT-04560
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/unishire-regency-park-llp-ia-nos-354-392-bb-2021-in-cp-ib-no-224-bb-2019-464f837f

## Summary

### Background

The case involves an application for liquidation of the Corporate Debtor, M/s. Unishire Regency Park LLP, or alternatively, to extend the CIRP period. The CIRP was initiated after the admission of CP (IB) No. 229/BB/2019 filed by M/s. India Infoline Finance Limited, the Financial Creditor. The maximum CIRP period of 330 days had expired on 04.11.2021. The RP filed I.A No. 354 of 2021 seeking liquidation or extension of the CIRP period. Subsequently, the Corporate Debtor settled the matter with all the members of the CoC, and the RP filed I.A No. 392 of 2021 seeking withdrawal of the CP.

## Facts

M/s. India Infoline Finance Limited filed CP (IB) No. 229/BB/2019 against M/s. Unishire Regency Park LLP, the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016. The petition was admitted on 2020-05-29, initiating the CIRP. The maximum CIRP period of 330 days expired on 2021-11-04. The RP filed I.A No. 354 of 2021 seeking liquidation of the Corporate Debtor or extension of the CIRP period by 30 days from 2021-11-04. The Adjudicating Authority heard the parties on 2021-12-08 and passed an order. Subsequently, the Corporate Debtor settled the matter with all the members of the CoC. The RP then filed I.A No. 392 of 2021 seeking withdrawal of the CP, supported by a unanimous resolution of the CoC passed on 2021-12-11. The compliances required

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be …

**Ratio:** The CIRP period cannot be extended beyond 330 days in normal circumstances, as per the

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**Reasoning:** The court considered the peculiar facts of the case and the orders of the Hon'ble Apex

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**Interpretation:** The interpretation of the IBC allows for extension of the CIRP period beyond

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**Application:** Initially, the court was inclined to extend the CIRP period by two weeks.

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## Parties

- **Judges:** SH. AJAY KUMAR…; SH. MANOJ KUMAR…
- **Appellants:** M/s. India…
- **Respondents:** M/s. Unishire…

## Timeline

- **2019-01-01 — CP (IB)…**: CP (IB) No. 229/BB/2019 filed by…
- **2020-05-29 — CIRP Init…**: CP (IB) No. 229/BB/2019 admitted, and CIRP initiated against M/s. Unishire Regency Park…

## 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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