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

> NCLT judgment dated 2020-03-04. Citation: TCN-2020-NCLT-01650. The Resolution Professional filed an application seeking an extension of the Corporate…

- **Court:** NCLT
- **Order date:** 4 Mar 2020
- **Citation:** TCN-2020-NCLT-01650
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/unnati-fortune-holding-pvt-ltd-ib-45pb-2018-aea5a071

## Summary

### Background

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

## Facts

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

## Issues and analysis

### Issue 1: Whether the extension of the CIRP period for an additional 90 days should be granted based on the …

**Ratio:** The court may grant an extension of the CIRP period if there is a reasonable prospect of

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**Reasoning:** The court reasoned that since two resolution plans were already before the CoC for

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**Interpretation:** This case interprets the provisions related to the extension of the CIRP period

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** B.S.V. Prakash…; HEMANT KUMAR…
- **Appellants:** M/s. Nupur…
- **Respondents:** Unnati Fortune…

## Timeline

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

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