# In the matter of Kohinoor Steel Private Limited IA(IBC) No. 1029-KB-2022 In C.P.(IB) No. 82-KB-2019

> NCLT judgment dated 2022-09-30. Citation: TCN-2022-NCLT-00861. The case involves an application filed by the Resolution Professional (RP) of Kohinoor Steel…

- **Court:** NCLT
- **Order date:** 30 Sept 2022
- **Citation:** TCN-2022-NCLT-00861
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kohinoor-steel-private-limited-iaibc-no-1029-kb-2022-in-cpib-no-82-kb-2019-652830d6

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Kohinoor Steel Private Limited, seeking an exclusion/extension of the Corporate Insolvency Resolution Process (CIRP) period. The CIRP was initiated on November 20, 2019. During the CIRP, various extensions and exclusions were granted by the Adjudicating Authority. The Enforcement Directorate issued a provisional attachment order on December 30, 2021, attaching the properties of the corporate debtor, which halted the CIRP process. The Adjudicating Authority, upon the RP's request, excluded three months from the CIRP to allow the RP to address the PMLA attachment. The Adjudicating Authority under the PMLA, New Delhi, confirmed the Provisional Attachment Order on August 22, 2022. The Committee

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## Facts

Rahul Carbon Commercials Private Limited is the Operational Creditor. Kohinoor Steel Private Limited is the Corporate Debtor undergoing CIRP. The CIRP commenced on November 20, 2019. The Enforcement Directorate issued a provisional attachment order on December 30, 2021, attaching the properties of Kohinoor Steel Private Limited, which halted the CIRP process. The Adjudicating Authority excluded three months from the CIRP period to enable the RP to take action for removal of PMLA attachment, vide order dated June 28, 2022. The Adjudicating Authority under the PMLA, New Delhi, confirmed the Provisional Attachment Order on August 22, 2022. The CoC advised the RP to file an appeal before the Hon'ble Appellate Tribunal under the PMLA, 2002. The RP filed IA 1029/2022 for

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## Issues and analysis

### Issue 1: Whether the CIRP period should be extended/excluded due to the Enforcement Directorate's …

**Ratio:** The Adjudicating Authority has the power to grant extensions or exclusions to the CIRP

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**Reasoning:** The court reasoned that the attachment order by the Enforcement Directorate had brought

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**Interpretation:** The interpretation is that the Adjudicating Authority has the discretion to

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**Application:** The court applied this principle by granting a three-month extension to the

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## Parties

- **Judges:** P. Moha…; Balraj…
- **Appellants:** Rahul Carbon…
- **Respondents:** Kohinoor Steel…
- **Advocates:** Joy S…; Urmila Chak…; +5 more

## Timeline

- **2019-11-20 — CIRP Commen…**: CIRP was commenced for…
- **2021-12-30 — Attachment…**: The Enforcement Directorate issued a provisional attachment order for attaching the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12(2) — Time-limit for completion of insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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