# In the matter of Grand Reality Private Limited

> NCLT judgment dated 2024-01-08. Citation: TCN-2024-NCLT-03241. The case pertains to an application filed by the Resolution Professional (RP) of M/s. Grand…

- **Court:** NCLT
- **Order date:** 8 Jan 2024
- **Citation:** TCN-2024-NCLT-03241
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/grand-reality-private-limited-2a7f2b0c

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) of M/s. Grand Reality Private Limited, the Corporate Debtor, seeking the exclusion of 242 days from the Corporate Insolvency Resolution Process (CIRP) period. The CIRP was initiated against the Corporate Debtor on 14.02.2023, following an application filed by Mr. Kaushal Deshmukh and other financial creditors under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The RP was initially appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The RP filed the application I.A.(IBC)/6208/2023 seeking exclusion of time due to various reasons, including non-cooperation from the suspended directors and the involvement of the project site with

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Grand Reality Private Limited ('Corporate Debtor') on 14.02.2023, based on an application filed by Mr. Kaushal Deshmukh and other financial creditors under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Rakesh Kumar Jindal was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional (RP). The initial CIRP period of 180 days expired on 13.08.2023, but the CIRP could not be completed within this period. An extension of 90 days was granted, extending the CIRP period up to 11.11.2023. The RP filed an application seeking exclusion of 242 days from 14.02.2023 to 13.10.2023, citing reasons such as non-cooperation from the suspended

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can exclude a certain period from the CIRP period for the …

**Ratio:** The Adjudicating Authority/Appellate Tribunal has the power to exclude certain periods

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**Reasoning:** The court relied on the judgment in Quinn Logistics India Pvt. Ltd v. Mack Soft Tech Pvt.

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**Interpretation:** The interpretation of the IBC allows for the exclusion of certain periods from

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**Application:** In this case, the Adjudicating Authority applied the ratio by considering the

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** Rakesh Kumar…
- **Respondents:** M/s. Grand…; Kaushal De…

## Timeline

- **2023-02-14 — CIRP Init…**: Corporate Insolvency Resolution Process initiated against M/s. Grand Reality Private…
- **2023-08-13 — Expiry of Initial CIRP…**: The initial CIRP period…

## 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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