# In the matter of Azam Rubber Products Private Limited

> NCLT judgment dated 2024-07-04. Citation: TCN-2024-NCLT-01070. The case involves an application (IA No.264/2024) filed by Prospective Resolution Applicants…

- **Court:** NCLT
- **Order date:** 4 Jul 2024
- **Citation:** TCN-2024-NCLT-01070
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/azam-rubber-products-private-limited-56ebf33d

## Summary

### Background

The case involves an application (IA No.264/2024) filed by Prospective Resolution Applicants (PRAs), Mohd. Azam Khan and Mr. Obaidullah, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period for Azam Rubber Products Pvt. Ltd. The CIRP was initiated following a company petition filed by Mr. Om Prakash Prop. of Khandelwal Packing Corporation. The Resolution Professional (RP), Mr. Rajeev Ranjan Singh, was appointed, and a Committee of Creditors (CoC) was formed with Punjab National Bank as its sole member. The applicants sought to extend the CIRP period and exclude the time taken to adjudicate the application from the CIRP period, as well as the period taken by the CoC to vote for the resolution plan. The CoC ultimately resolved to proceed with

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## Facts

Mr. Om Prakash Prop. of Khandelwal Packing Corporation filed a company petition against Azam Rubber Products Pvt. Ltd., leading to the initiation of CIRP. Mr. Rajeev Ranjan Singh was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP published Form A in newspapers on 2023-04-16, setting 2023-04-27 as the last date for filing claims. A Committee of Creditors (CoC) was constituted with Punjab National Bank as its sole member on 2023-05-04. The RP published Form G on 2023-06-12. Mohd. Azam Khan and Mr. Obaidullah, as Prospective Resolution Applicants (PRAs), submitted resolution plans. The CoC considered extending the CIRP period by 90 days in its 6th meeting on 2023-10-03. The Tribunal granted an

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## Issues and analysis

### Issue 1: Whether the application filed by the Prospective Resolution Applicants (PRAs) for an extension of …

**Ratio:** Section 12(2) of the Insolvency and Bankruptcy Code stipulates that the Resolution

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**Reasoning:** The NCLT reasoned that the explicit provisions of Section 12 of the Code clearly state

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**Interpretation:** The interpretation of Section 12 of the Code is that the responsibility for

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**Application:** In this case, the application for extending the CIRP period was filed by the

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** MOHD. AZA…
- **Respondents:** AZAM RUBBER…; Rajeev Ranjan…

## Timeline

- **2022-01-01 — Company Petiti…**: Mr. Om Prakash Prop. of Khandelwal Packing Corporation filed a company petition…
- **2023-04-13 — CIRP Init…**: The Tribunal admitted the Company Petition and commenced the Corporate Insolvency…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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