# In the matter of Geoshine Mines 2 Metals Limited IA No. 80-2023 in CP (IB) No. 70-ALD-2021

> NCLT judgment dated 2023-05-24. Citation: TCN-2023-NCLT-03211. The case pertains to an application filed under Section 12 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 24 May 2023
- **Citation:** TCN-2023-NCLT-03211
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/geoshine-mines-2-metals-limited-ia-no-80-2023-in-cp-ib-no-70-ald-2021-d5dadab7

## Summary

### Background

The case pertains to an application filed under Section 12 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 40 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulation, 2016, and Rule 11 of the NCLT Rules, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Geoshine Mines 2 Metal Limited vide an order dated August 24, 2022, following a petition filed under Section 7 of the Code. The Resolution Professional invited claims from the creditors, resulting in the receipt of 18 claims from the Financial Creditor in Class, and a Committee of Creditors (CoC) was constituted. Subsequently, an application for the appointment of an Authorized Representative was filed and taken on

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Geoshine Mines 2 Metal Limited on August 24, 2022, following a Section 7 petition. The Resolution Professional (RP) invited claims from creditors, resulting in 18 claims from the Financial Creditor in Class. A Committee of Creditors (CoC) was formed. An application for appointing an Authorized Representative was filed and recorded on September 27, 2022. The initial Interim Resolution Professional (IRP) was confirmed as the RP in the first CoC meeting. A CoC meeting on February 13, 2023, considered the need to extend the CIRP. The CoC approved a resolution to extend the CIRP by 90 days beyond February 19, 2023, with 100% vote share. E-voting was conducted from February 16-18, 2023. The RP

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## Issues and analysis

### Issue 1: Whether the CIRP period for M/s Geoshine Mines 2 Metal Limited should be extended by 90 days beyond …

**Ratio:** Section 12(2) of the Insolvency and Bankruptcy Code, 2016, allows for the extension of

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**Reasoning:** The Adjudicating Authority considered the resolution passed by the CoC, which approved

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**Interpretation:** The interpretation of Section 12(2) allows the Adjudicating Authority to grant

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**Application:** Given the CoC's approval and the provisions of Section 12(2), the Adjudicating

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Govind Ram…
- **Respondents:** Geoshine Mines 2…; M/s Geoshine…

## Timeline

- **2022-08-24 — CIRP Init…**: CIRP initiated against M/s Geoshine Mines 2 Metal Limited vide an order dated 24th…
- **2022-09-27 — Application for…**: Application for appointment of Authorized Representative was filed and taken on record by…

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