# In the matter of Eon Electric Limited IA No. 995-2022 in CP (IB) No. 211-Chd-hry-2019

> NCLT judgment dated 2022-09-12. Citation: TCN-2022-NCLT-01090. The application was filed by the Resolution Professional under Section 60(5) read with Section…

- **Court:** NCLT
- **Order date:** 12 Sept 2022
- **Citation:** TCN-2022-NCLT-01090
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/eon-electric-limited-ia-no-995-2022-in-cp-ib-no-211-chd-hry-2019-62fdb7b3

## Summary

### Background

The application was filed by the Resolution Professional under Section 60(5) read with Section 12 of the Insolvency and Bankruptcy Code, 2016, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) beyond the initial 330-day period. The extension sought was for 30 days, effective from August 19, 2022, as resolved by the Committee of Creditors (CoC) in its 16th meeting with 100% voting share. The Resolution Professional stated that three resolution plans had been placed before the CoC for voting, and additional time was needed to obtain approvals from the competent authority of the CoC members. Furthermore, 7 days were required to allow the Successful Resolution Applicant to furnish a performance bank guarantee to conclude the CIRP.

## Facts

Signify Innovations India Ltd. filed a petition as an Operational Creditor against EON Electric Limited, the Corporate Debtor. Ritu Rastogi, the Resolution Professional for EON Electric Limited, filed an application (IA No. 995/2022) seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period. The CIRP had been delayed due to the non-availability of financial data from the Corporate Debtor and their subsequent non-cooperation in providing audited financial statements. The Resolution Professional had presented three resolution plans to the Committee of Creditors (CoC) for voting. The CoC required additional time to seek approvals from the competent authority and to allow the Successful Resolution Applicant to furnish a performance bank guarantee.

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## Issues and analysis

### Issue 1: Whether the extension of the Corporate Insolvency Resolution Process (CIRP) period beyond 330 days …

**Ratio:** The primary focus of the Insolvency and Bankruptcy Code (IBC) is to ensure the revival

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**Reasoning:** The court relied on the Apex Court's judgment in Swiss Ribbons Pvt. Ltd. & Anr V

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**Interpretation:** The IBC aims to balance the interests of all stakeholders, with a focus on

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**Application:** Given the delays caused by the non-availability of financial data and the need

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Signify Innovation…
- **Respondents:** Eon Electric…

## Timeline

- **2019-01-01 — CP (IB) No. 211/Chd/Hry/…**: Corporate Insolvency…
- **2022-08-19 — Effective date for CIRP…**: Proposed effective date for the…

## 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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