# In the matter of Konaseema Gas Power Limited

> NCLT judgment dated 2024-07-12. Citation: TCN-2024-NCLT-01015. The case involves an application (IA (IBC)/1462/2023) filed in connection with a corporate…

- **Court:** NCLT
- **Order date:** 12 Jul 2024
- **Citation:** TCN-2024-NCLT-01015
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/konaseema-gas-power-limited-0cdb99ab

## Summary

### Background

The case involves an application (IA (IBC)/1462/2023) filed in connection with a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC). The application seeks an extension of the liquidation period for Konaseema Gas Power Ltd.

## Facts

The key facts are as follows: An application, IA (IBC)/1462/2023, was filed in CP(IB) No.458/7/HDB/2018. The applicant sought an extension of the liquidation period by 12 months, effective from 21.07.2024. The corporate debtor is Konaseema Gas Power Ltd. The petitioner is IDBI Bank Ltd. The respondent is Konaseema Gas Power Ltd. The application was filed under Section 7 of the IBC. The court considered the submissions and extended the liquidation period by 6 months from 21.07.2024. This extension was granted based on the submissions made in the application.

## Issues and analysis

### Issue 1: Whether the extension of the liquidation period for …

**Ratio:** The ratio is based on the court's discretion to extend the liquidation period if

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**Reasoning:** The court reasoned that the submissions made in the application justified an extension of

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**Interpretation:** The interpretation involves understanding the IBC provisions related to

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJA…
- **Appellants:** IDBI Bank…
- **Respondents:** Konaseema Gas…

## Timeline

- **2024-07-12 — Hearing…**: Hearing held on 12.07.2024 at 10:30 AM at the Hyderabad Bench of the National Company Law…
- **2024-07-21 — Effective Date of…**: The extension of the liquidation…

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