# In the matter of Vaishno Devi Dairy Products Ltd. I.A. 1475-2020 in C.P.(IB)-4230-2018

> NCLT judgment dated 2020-09-24. Citation: TCN-2020-NCLT-00533. The case pertains to an application (I.A. 1475/2020) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 24 Sept 2020
- **Citation:** TCN-2020-NCLT-00533
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vaishno-devi-dairy-products-ltd-ia-1475-2020-in-cpib-4230-2018-9b93d2a5

## Summary

### Background

The case pertains to an application (I.A. 1475/2020) filed by the Resolution Professional seeking an extension of 90 days for the Corporate Insolvency Resolution Process (CIRP) period, originally commencing from March 15, 2020. The matter was heard by the Mumbai Bench of the National Company Law Tribunal (NCLT).

## Facts

The Resolution Professional filed an application (I.A. 1475/2020) seeking a 90-day extension of the CIRP period, which initially commenced on March 15, 2020. The Committee of Creditors (COC) passed a resolution with 100% voting in favor of the extension. The applicant's counsel was present during the hearing. The court considered the COC's resolution and Section 12(2) of the Insolvency and Bankruptcy Code (IBC) in its decision-making process. The extension was sought to facilitate the resolution process, and the unanimous support from the COC indicates their belief in the necessity of the extension for a successful resolution.

## Issues and analysis

### Issue 1: Whether the extension of the CIRP period by 90 days from March 15, 2020, should be granted based on …

**Ratio:** The legal principle applied is that the extension of the CIRP period can be granted if

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**Reasoning:** The court reasoned that the unanimous support from the COC indicates a strong belief that

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**Interpretation:** This issue involves interpreting the powers and responsibilities of the COC in

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**Application:** In this specific case, the COC's 100% vote in favor of the extension was a key

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## Parties

- **Judges:** H.V. Subb…; Shyam Babu…
- **Appellants:** Vimal Kumar…
- **Respondents:** Vistra ITCL…; Vaishno Devi…

## Timeline

- **2020-03-15 — CIRP Period C…**: The Corporate Insolvency…
- **2020-09-24 — Hearing…**: Hearing of the Mumbai Bench of the National Company Law Tribunal regarding the…

## 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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