# In the matter of Mir Realtors Pvt. Ltd. {IA(IBC)-199-KOB-2023 in IBA-11-KOB-2020]

> NCLT judgment dated 2023-06-21. Citation: TCN-2023-NCLT-02865. The case involves an application (IA 229/KOB/2023) filed by the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 21 Jun 2023
- **Citation:** TCN-2023-NCLT-02865
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mir-realtors-pvt-ltd-iaibc-199-kob-2023-in-iba-11-kob-2020-a309e446

## Summary

### Background

The case involves an application (IA 229/KOB/2023) filed by the Resolution Professional (RP) of the Corporate Debtor, MIR Realtors Pvt. Ltd, seeking direction to convene a meeting of the Committee of Creditors (CoC) to apprise them of developments after 17.04.2023 and to inform them about the application for liquidation of the company. The RP was appointed by the Adjudicating Authority on 11.03.2022. The CIRP period expired on 24.04.2023. A resolution plan approved by the CoC on 17.04.2023 was returned by the Registry due to the non-filing of a performance bank guarantee by the Successful Resolution Applicant. The applicant argues that defects cannot be cured because the Successful Resolution Applicant has not submitted the performance bank guarantee within the granted

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## Facts

The Corporate Debtor is MIR Realtors Pvt. Ltd. The Resolution Professional (RP), initially appointed by the Adjudicating Authority on 11.03.2022, filed an application (IA 229/KOB/2023) seeking direction to convene a meeting of the Committee of Creditors (CoC). The purpose was to inform the CoC about developments after 17.04.2023 and the application for liquidation. A Resolution Plan was approved by the CoC on 17.04.2023. However, the Registry returned the application because the Successful Resolution Applicant did not file a performance bank guarantee. The CIRP period expired on 24.04.2023, and no application for extension was filed. The RP failed to examine the financial position of the Successful Resolution Applicant as required under Section 30(2) of the IBC. The

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## Issues and analysis

### Issue 1: Whether the application (IA 229/KOB/2023) seeking direction to convene a CoC meeting can be granted …

**Ratio:** In the absence of any prayer for extension of the CIRP period, no direction to conduct

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**Reasoning:** The court reasoned that the CIRP period had already expired, and no application to extend

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**Interpretation:** The court interpreted that the CIRP process has a defined timeline, and any

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**Application:** Since the CIRP period expired on 24.04.2023, and no application for extension

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** MIR GREENS OWNERS…
- **Respondents:** MIR Realtors…; P T JOY (RP) OF…

## Timeline

- **2022-03-11 — RP Appoin…**: The applicant was appointed as Resolution Professional of the Corporate Debtor by the…
- **2022-06-27 — CIRP Exte…**: Extension of CIRP…

## 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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