# In the matter of V. A. M. Resorts and Hotels Pvt. Ltd. IA No. 127-2020 in CP No. (IB)353-ALD-2018

> NCLT judgment dated 2020-06-04. Citation: TCN-2020-NCLT-01244. The case involves an application (IA No.127/2020) filed under Section 12(2) of the Insolvency…

- **Court:** NCLT
- **Order date:** 4 Jun 2020
- **Citation:** TCN-2020-NCLT-01244
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/v-a-m-resorts-and-hotels-pvt-ltd-ia-no-127-2020-in-cp-no-ib353-ald-2018-460279a9

## Summary

### Background

The case involves an application (IA No.127/2020) filed under Section 12(2) of the Insolvency and Bankruptcy Code (IBC), 2016, read with regulation 40 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period by 90 days and exclusion of certain time periods. The initial Company Petition U/s 7 of IBC was admitted on 24.10.2019, communicated to the applicant on 12.11.2019. The Resolution Professional (RP) issued public announcements and sought information from the respondent (Corporate Debtor), but faced non-cooperation. The Committee of Creditors (CoC) held multiple meetings to discuss the progress of the CIRP, including

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## Facts

The Financial Creditor filed an application (IA No.127/2020) seeking an extension of the CIRP period for Indiabulls Housing Finance Pvt. Ltd. The initial Company Petition U/s 7 of IBC was admitted on 24.10.2019 and communicated to the applicant on 12.11.2019 (after 19 days). After the admission of the petition and declaration of moratorium U/s 14, the RP issued public announcements as per Sections 13 & 15 of the IBC on 12.11.2019 and published advertisements on 13.11.2019. The RP faced non-cooperation from the Corporate Debtor in providing necessary information. The CoC held its first meeting on 12.12.2019, where the non-cooperation of the respondent was discussed. Subsequent CoC meetings were held on 03.01.2020, 23.01.2020, 27.02.2020, and 23.03.2020 to appoint

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## Issues and analysis

### Issue 1: Whether the CIRP period should be extended …

**Ratio:** Section 12(2) of the IBC allows for the extension of the CIRP period beyond 180 days if

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**Reasoning:** The court found that the non-cooperation of the Corporate Debtor, the delays in

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**Interpretation:** Section 12(2) provides flexibility to extend the CIRP period in exceptional

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**Application:** The court applied Section 12(2) to the specific facts of the case, considering

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** M/S INDIABULLS…
- **Respondents:** M/S V.A.M RESORTS…

## Timeline

- **2019-10-24 — Admission of Company…**: The Company Petition U/s…
- **2019-11-12 — Communication of…**: The admission order was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12(2) — Time-limit for completion of insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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