# In the matter of Zephlylr Fabrics Trading LLP MA-1250-2019 In C.P.(IB)-1978-(MB)-2018

> NCLT judgment dated 2019-04-22. Citation: TCN-2019-NCLT-03792. The case pertains to MA-1250/2019 in C.P.(IB)/1978/(MB)/2018 before the Mumbai Bench of the…

- **Court:** NCLT
- **Order date:** 22 Apr 2019
- **Citation:** TCN-2019-NCLT-03792
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/zephlylr-fabrics-trading-llp-ma-1250-2019-in-cpib-1978-mb-2018-0eac2737

## Summary

### Background

The case pertains to MA-1250/2019 in C.P.(IB)/1978/(MB)/2018 before the Mumbai Bench of the National Company Law Tribunal. The order sheet reflects the hearing proceedings on 22.04.2019. The Learned Counsel for the Resolution Professional (R.P.) informed the tribunal that the Information Memorandum and Expression of Interest (EOI) are yet to be prepared, pending receipt of certain information from the Respondents. The last date as per the advertisement is 28.05.2019.

## Facts

The case involves Shanaya Fashions (Applicant) and Zephlylr Fabrics Trading LLP (Respondent). The Resolution Professional (R.P.) is in the process of preparing the Information Memorandum and Expression of Interest (EOI). However, the preparation is delayed because certain information is awaited from the Respondents. The last date as per the advertisement is 28.05.2019. The court considered the reasons assigned in the application and granted a 90-day extension under Section 12 of the IBC, calculated from 22.04.2019. The matter was adjourned to 03.06.2019.

## Issues and analysis

### Issue 1: Whether an extension of time should be granted for the preparation of the Information Memorandum …

**Ratio:** The court has the discretion to grant extensions of time in insolvency proceedings,

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**Reasoning:** The Learned Counsel for the R.P. informed the court that the Information Memorandum and

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**Interpretation:** This issue involves the interpretation of the court's power to manage the

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**Application:** The court applied its discretion to grant an extension, acknowledging the delay

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Shanaya Fa…
- **Respondents:** Zephlylr Fabrics…

## Timeline

- **2019-04-22 — Hearing…**: Hearing of Mumbai Bench of the…
- **2019-05-28 — Last Date as per…**: The last date as per the…

## Legal provisions

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

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