# In the matter of Jyoti Structures Limited IA No. 1094 of 2023 in CP(IB) No. 1137 of 2017

> NCLT judgment dated 2023-06-16. Citation: TCN-2023-NCLT-02878. Jyoti Structures Limited filed an application seeking exclusion of time from the timelines…

- **Court:** NCLT
- **Order date:** 16 Jun 2023
- **Citation:** TCN-2023-NCLT-02878
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jyoti-structures-limited-ia-no-1094-of-2023-in-cpib-no-1137-of-2017-74174654

## Summary

### Background

Jyoti Structures Limited filed an application seeking exclusion of time from the timelines prescribed under its resolution plan due to delays in the execution of a tripartite agreement by Maharashtra Industrial Development Corporation (MIDC) and subsequent delays in the disbursement of non-fund based limits. The applicant sought exclusion of time period commencing from the repayment timelines stipulated under the Approved Resolution Plan up to the date of release of NFB Limits on account of delay by MIDC in the execution of the New Tripartite Agreement, and the consequent delay in the release of NFB Limits.

## Facts

Jyoti Structures Limited filed an application seeking exclusion of time from the timelines prescribed under its resolution plan, citing delays in the execution of a tripartite agreement by Maharashtra Industrial Development Corporation (MIDC) and subsequent delays in the disbursement of non-fund based limits (NFB Facilities). The company, engaged in the engineering, procurement, and construction (EPC) sector, relies on bank guarantees/letter of credit limits (NFB Facilities) from its lender. The company had availed NFB Facilities in 2015 and executed a tripartite agreement to secure these facilities by creating a mortgage over leasehold rights in MIDC Plots. Subsequently, the company underwent CIRP, and a resolution plan was approved. The approved resolution plan

…

## Issues and analysis

### Issue 1: Whether the applicant, Jyoti Structures Limited, is entitled to an exclusion of time from the …

**Ratio:** The Adjudicating Authority does not deem it fit to grant exclusion of time when there is

…

**Reasoning:** The court reasoned that the reliance placed on the Order cited by the applicant does not

…

**Interpretation:** The interpretation is that the court is not inclined to interfere with the

…

**Application:** In this specific case, the court applied the ratio by finding that the

…

## Parties

- **Judges:** Anu Jagmoha…; H.V. Subb…
- **Respondents:** Jyoti Structures…; State Bank of…

## Timeline

- **2015-01-01 — NFB Facilities…**: Jyoti Structures Limited availed the NFB Facilities and executed a tripartite agreement…
- **2019-03-27 — Resolution Plan…**: The Resolution Plan was…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jyoti-structures-limited-ia-no-1094-of-2023-in-cpib-no-1137-of-2017-74174654