# In the matter of Kagaz Print-n-pack India Private Limited

> NCLT judgment dated 2025-05-23. Citation: TCN-2025-NCLT-00051. The case pertains to an application (I.A. No. 2262 of 2025) filed under Section 12 of the…

- **Court:** NCLT
- **Order date:** 23 May 2025
- **Citation:** TCN-2025-NCLT-00051
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kagaz-print-n-pack-india-private-limited-3ccaba84

## Summary

### Background

The case pertains to an application (I.A. No. 2262 of 2025) filed under Section 12 of the Insolvency and Bankruptcy Code, 2016, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period for Kagaz Print N Pack India Pvt. Ltd. The CIRP was initiated based on an application by Himanshu Paper Private Limited, an Operational Creditor, under Section 9 of the Code. The initial CIRP period of 180 days expired on 23.08.2022, and although the CoC resolved to extend it by 90 days, the Resolution Professional delayed filing an application for extension. Despite the Adjudicating Authority granting an extension until 29.04.2025, no resolution plan was received, leading the Operational Creditor to request withdrawal of the petition. The CoC then resolved to

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## Facts

1. Himanshu Paper Private Limited, an Operational Creditor, initiated CIRP against Kagaz Print N Pack India Pvt. Ltd. under Section 9 of the IBC.
2. The CIRP was initiated on 23.02.2022.
3. The initial CIRP period of 180 days expired on 23.08.2022.
4. No extension was sought by the Resolution Professional at the end of the initial 180-day period.
5. The CoC resolved to extend the CIRP by 90 days.
6. The Resolution Professional filed I.A./3010/2024 for extension of time on 03.06.2024, after a delay of 1 year and 10 months.
7. The Adjudicating Authority granted an extension until 29.04.2025.
8. Form-G was published on 18.02.2025, and three EOIs were received.
9. No resolution plans were received by 15.04.2025.
10. The Operational Creditor requested withdrawal of the petition on

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should grant an extension of the CIRP period beyond 270 days, …

**Ratio:** The Insolvency and Bankruptcy Code (IBC) emphasizes the importance of completing the CIRP

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**Reasoning:** The court reasoned that sufficient time had already been granted for the CIRP, and the

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**Interpretation:** The IBC mandates a time-bound resolution process, and extensions are only

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**Application:** In this case, the CIRP had already been extended, and despite the extension, no

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## Parties

- **Judges:** JYOTSNA S…; Anu Jagmoha…
- **Appellants:** Anurag Ni…
- **Respondents:** Kagaz Print N…; Himanshu Paper…

## Timeline

- **2022-02-23 — CIRP Init…**: CIRP initiated against Kagaz Print N Pack India Pvt. Ltd. based on an application by…
- **2022-08-23 — Expiry of Initial CIRP…**: The initial CIRP period…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12 — Time-limit for completion of insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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