# 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-03808. The case involves MA-1250/2019 in C.P.(IB)/1978/(MB)/2018 before the National Company Law…

- **Court:** NCLT
- **Order date:** 22 Apr 2019
- **Citation:** TCN-2019-NCLT-03808
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/zephlylr-fabrics-trading-llp-ma-1250-2019-in-cpib-1978-mb-2018-957e3af3

## Summary

### Background

The case involves MA-1250/2019 in C.P.(IB)/1978/(MB)/2018 before the National Company Law Tribunal, Mumbai Bench. The matter concerns Shanaya Fashions V/s Zephlylr Fabrics Trading LLP. The Learned Counsel on behalf of the Resolution Professional (R.P.) has informed the court that the Information Memorandum and Expression of Interest (EOI) are yet to be prepared, as certain information is awaited from the Respondents. The last date as per the advertisement is 28.05.2019.

## Facts

Shanaya Fashions initiated a case against Zephlylr Fabrics Trading LLP under Section 9 of the Insolvency and Bankruptcy Code. The Resolution Professional's counsel informed the NCLT that the Information Memorandum and Expression of Interest are yet to be prepared because certain information is awaited from the respondents. The last date as per the advertisement was 28.05.2019. The NCLT granted a 90-day extension under Section 12 of the IBC, calculated from 22.04.2019, and adjourned the matter to 03.06.2019. This extension was granted to allow the RP to complete the necessary documentation.

## Issues and analysis

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

**Ratio:** Section 12 of the Insolvency and Bankruptcy Code (IBC) allows for the extension of the

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**Reasoning:** The court considered the reasons assigned in the application and the submissions made by

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**Interpretation:** Section 12 of the IBC is interpreted to allow for flexibility in the CIRP

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

## Timeline

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

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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