# In the matter of Unnati Fortune Holding Pvt. Ltd. (IB)-45(PB)-2018

> NCLT judgment dated 2020-03-04. Citation: TCN-2020-NCLT-01637. The Resolution Professional filed an application seeking a 90-day extension of the Corporate…

- **Court:** NCLT
- **Order date:** 4 Mar 2020
- **Citation:** TCN-2020-NCLT-01637
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/unnati-fortune-holding-pvt-ltd-ib-45pb-2018-6b19374c

## Summary

### Background

The Resolution Professional filed an application seeking a 90-day extension of the Corporate Insolvency Resolution Process (CIRP) period, in addition to the 330 days that expired on February 29, 2020. The application is based on a Committee of Creditors (CoC) resolution passed on February 11, 2020, with a 94.03% voting share.

## Facts

The Resolution Professional filed an application seeking a 90-day extension to the CIRP period, which had already lasted 330 days and expired on 2020-02-29. The application was supported by a CoC resolution passed on 2020-02-11, with 94.03% voting share. The CoC indicated that two resolution plans were under consideration and believed that an extension would increase the likelihood of approving a resolution plan. The court considered the CoC's view and the status of the resolution plans.

## Issues and analysis

### Issue 1: Whether the CIRP period should be extended by 90 days based on the Resolution Professional's …

**Ratio:** The court may grant an extension of the CIRP period if it is satisfied that there is a

…

**Reasoning:** The court considered the CoC's resolution, which indicated that two resolution plans were

…

**Interpretation:** The court interpreted the relevant provisions of the Insolvency and Bankruptcy

…

**Application:** Based on the CoC's resolution and the fact that two resolution plans were under

…

## Parties

- **Judges:** SH. B.S.V.…; Sh. Hemant Kumar…
- **Appellants:** M/s. Nupur…
- **Respondents:** Unnati Fortune…

## Timeline

- **2020-02-11 — CoC Resol…**: The Committee of Creditors (CoC) passed a resolution with 94.03% voting share supporting…
- **2020-02-29 — CIRP Period…**: The initial 330-day…

## 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)

---

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/unnati-fortune-holding-pvt-ltd-ib-45pb-2018-6b19374c