# In the matter of Mothers Pride Education Personna Private Limited

> NCLT judgment dated 2023-09-22. Citation: TCN-2023-NCLT-01503. The case pertains to an application (I.A.(IBC)/3916/2023) filed in the Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 22 Sept 2023
- **Citation:** TCN-2023-NCLT-01503
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mothers-pride-education-personna-private-limited-e450b53e

## Summary

### Background

The case pertains to an application (I.A.(IBC)/3916/2023) filed in the Corporate Insolvency Resolution Process (CIRP) of M/s. Mothers Pride Education Personna Private Limited, initiated based on a Section 7 application by Yes Bank. The Resolution Professional sought exclusion of time and extension of the CIRP period due to non-cooperation from the suspended directors of the Corporate Debtor. The Committee of Creditors (CoC) had approved resolutions for both exclusion of time and extension of the CIRP period.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Mothers Pride Education Personna Private Limited on 04.01.2023 based on a Section 7 application filed by M/s. Yes Bank. Mr. Ganga Ram Agarwal was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by AAA, Insolvency Professionals (IPE), with Mr. Anil Goel as the designated partner. The IRP made requests to the suspended directors of the Corporate Debtor for necessary information to prepare the Information Memorandum and carry out valuation, but received no response. An Interlocutory Application (I.A. No./1359/2023) was filed seeking cooperation from the suspended directors and auditors. The CoC held meetings where the suspended directors promised to

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should grant the exclusion of time from 24.02.2023 to 01.07.2023 …

**Ratio:** The Adjudicating Authority is not inclined to allow a blanket exclusion of time based

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**Reasoning:** The Adjudicating Authority reasoned that the CIRP should proceed even if there is

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**Interpretation:** This interprets that non-cooperation from suspended directors, while a

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**Application:** The Adjudicating Authority rejected the prayer for a blanket exclusion of time,

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## Parties

- **Judges:** MANNI SANKARIAH…; BINOD KUMAR…
- **Appellants:** Yes Bank…
- **Respondents:** Mothers Pride…; Mothers Pride…

## Timeline

- **2023-01-04 — Initiation…**: Corporate Insolvency Resolution Process initiated against M/s. Mothers Pride Education…
- **2023-02-02 — First CoC M…**: The Committee of Creditors (CoC) replaced the Interim Resolution Professional and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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