# In the matter of Paranjpe Agro Products (India) Private Limited

> NCLT judgment dated 2023-11-01. Citation: TCN-2023-NCLT-00915. The application IA 3804 of 2022 was filed on 2022-12-05 by the Resolution Professional (RP),…

- **Court:** NCLT
- **Order date:** 1 Nov 2023
- **Citation:** TCN-2023-NCLT-00915
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/paranjpe-agro-products-india-private-limited-c425b9d2

## Summary

### Background

The application IA 3804 of 2022 was filed on 2022-12-05 by the Resolution Professional (RP), Mr. Ajay Marathe, of the Corporate Debtor, Paranjape Agro Products (I) Private Limited, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) by 90 days. The application was made under Section 12(2) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 40 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The CIRP was initiated following a Company Petition No. 3755 of 2019 filed by Canara Bank against the Corporate Debtor, admitted by the Tribunal on 2022-06-10, where the applicant was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional by the Committee of

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Paranjape Agro Products (I) Private Limited following a petition by Canara Bank. Mr. Ajay Marathe was appointed as the Resolution Professional (RP). The initial CIRP period of 180 days was set to expire on 2022-12-10. The RP sought a 90-day extension of the CIRP period under Section 12(2) of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) approved the resolution to file for the extension. The RP published Form G inviting Expressions of Interest (EOI) from Prospective Resolution Applicants (PRA) and received two EOIs. The RP re-published EOI, received six EOIs, issued RFRP, and circulated the final list of Resolution Applicants. The CoC had not yet approved or rejected

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## Issues and analysis

### Issue 1: Whether the extension of the Corporate Insolvency Resolution Process (CIRP) period by 90 days …

**Ratio:** Section 12(2) of the Insolvency and Bankruptcy Code, 2016, allows for the extension of

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**Reasoning:** The Tribunal considered the facts and circumstances of the case, including the progress

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**Interpretation:** Section 12(2) provides a mechanism for extending the CIRP period to facilitate

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**Application:** The Tribunal applied Section 12(2) to the specific facts of the case,

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Ajay Ma…
- **Respondents:** Paranjpe Agro…; Canara…

## Timeline

- **2019-01-01 — Company Petiti…**: Canara Bank filed Company Petition No. 3755 against Paranjpe Agro Products (I) Private…
- **2022-06-10 — Admission of Company…**: The Tribunal admitted Company Petition No. 3755 of 2019 filed by Canara Bank against the…

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