# In the matter of Pioneer Gas Power Limited

> NCLT judgment dated 2024-07-15. Citation: TCN-2024-NCLT-01006. The Resolution Professional filed an application seeking a 90-day extension of the CIRP period,…

- **Court:** NCLT
- **Order date:** 15 Jul 2024
- **Citation:** TCN-2024-NCLT-01006
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pioneer-gas-power-limited-5df0ac8a

## Summary

### Background

The Resolution Professional filed an application seeking a 90-day extension of the CIRP period, which was set to expire on 2024-07-16. The basis for the extension request was that 13 prospective resolution applicants were in negotiations to submit a resolution plan.

## Facts

The Resolution Professional, Mr. Ramanjaneyulu Gandluri, filed an application (IA (IBC)/1469/2024) seeking a 90-day extension of the Corporate Insolvency Resolution Process (CIRP) period. The CIRP period was scheduled to expire on 2024-07-16. The reason for seeking the extension was that 13 prospective resolution applicants were engaged in negotiations to submit a resolution plan. The Resolution Professional argued that the time remaining was insufficient for proper consideration. The NCLT, Hyderabad Bench, considered the submissions and decided to extend the CIRP period by 90 days, effective from 2024-07-17.

## Issues and analysis

### Issue 1: Whether the CIRP period should be extended by 90 days to allow prospective resolution applicants to …

**Ratio:** An extension of the CIRP period may be granted if there are sufficient grounds to believe

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**Reasoning:** The court reasoned that since 13 prospective resolution applicants were in negotiations

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**Interpretation:** This case interprets the provisions related to the extension of the CIRP period

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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:** Venkata Ramakrishn…; Shri. Chara…
- **Appellants:** IFCI…
- **Respondents:** Pioneer Gas Power…

## Timeline

- **2024-07-16 — CIRP Period…**: The original expiry…
- **2024-07-17 — CIRP Period E…**: The CIRP period is extended by 90…

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