# In the matter of RCM Infrastructure Limited IA No. 609 of 2021 in CP (IB) No. 601-10-HDB-2018

> NCLT judgment dated 2022-02-07. Citation: TCN-2022-NCLT-04222. The case involves an application (IA No. 669/2021) filed in connection with the Corporate…

- **Court:** NCLT
- **Order date:** 7 Feb 2022
- **Citation:** TCN-2022-NCLT-04222
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rcm-infrastructure-limited-ia-no-609-of-2021-in-cp-ib-no-601-10-hdb-2018-9d1cb288

## Summary

### Background

The case involves an application (IA No. 669/2021) filed in connection with the Corporate Insolvency Resolution Process (CIRP) of RCM Infrastructure Limited, initiated based on an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated on 03.01.2019. The Resolution Professional (RP) sought an extension of the CIRP period, which was opposed by the Adjudicating Authority (AA) due to repeated requests for extensions and non-compliance with previous orders. The CoC also faced criticism for delays in accepting the resolution plan. Despite multiple extensions, the RP failed to finalize a resolution plan, leading to the AA's decision to initiate liquidation proceedings against the Corporate Debtor.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against RCM Infrastructure Limited on 03.01.2019, based on an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. J. Manivannan was appointed as the Resolution Professional (RP). The initial CIRP period of 180 days was extended by 90 days on 19.07.2019. The 270-day timeline expired on 01.10.2019. The RP received only one Expression of Interest (EOI) from the promoter of the Corporate Person, which was rejected because the promoters were ineligible under Section 29A of the IBC. The promoters challenged this rejection, and the Adjudicating Authority (AA) declared on 06.01.2020 that the Corporate Person fell under the ambit of MSME, making the promoters eligible to file resolution

…

## Issues and analysis

### Issue 1: Whether the Applicant is entitled for further extension of time for completion of CIRP, in the …

**Ratio:** Section 12 of the I&B Code mandates that the CIRP should be completed within 180 days

…

**Reasoning:** The Adjudicating Authority noted that despite granting several extensions and exclusions,

…

**Interpretation:** The interpretation of Section 12 of the I&B Code and related regulations

…

**Application:** In this case, the Adjudicating Authority found that the Resolution Professional

…

## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** J Manivann…
- **Respondents:** RCM Infrastructure…; RCM Infrastructure…

## Timeline

- **2019-01-03 — CIRP Init…**: Corporate Person was…
- **2019-07-19 — First CIRP Ex…**: 90 days extension…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rcm-infrastructure-limited-ia-no-609-of-2021-in-cp-ib-no-601-10-hdb-2018-9d1cb288