# In the matter of Samson and Sons Builders and Developers Pvt. Ltd. IA(IBC)-106(KOB)-2022 In CP(IB)-05-KOB-2022

> NCLT judgment dated 2022-07-01. Citation: TCN-2022-NCLT-01958. The case involves an application filed by K Parameswaran Nair, the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 1 Jul 2022
- **Citation:** TCN-2022-NCLT-01958
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/samson-and-sons-builders-and-developers-pvt-ltd-iaibc-106kob-2022-in-cpib-05-kob-da80a9d4

## Summary

### Background

The case involves an application filed by K Parameswaran Nair, the Resolution Professional (RP) of the Corporate Debtor, Samson and Sons Builders and Developers Private Limited, seeking the exclusion of a period of 139 days from the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated against the Corporate Debtor based on an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Vijayakumaran J. The initial Interim Resolution Professional (IRP), Mr. Muhammed Davood Cmk, expressed his inability to continue due to health reasons and was replaced by Mr. Lukose Joseph. Subsequently, the Committee of Creditors (CoC) proposed Mr. K. Parameswaran Nair as the RP, and the Tribunal appointed him. The application for exclusion of time

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## Facts

Vijayakumaran J initiated CIRP against Samson and Sons Builders and Developers Private Limited under Section 9 of the IBC. Muhammed Davood Cmk was initially appointed as IRP but resigned due to health issues. Lukose Joseph replaced him as IRP. The CoC then proposed K. Parameswaran Nair as RP, who was appointed by the Tribunal. The IRP made a public announcement inviting claims on 15.11.2021. The first CoC meeting was convened on 23.12.2021. The CoC approved the resolution to seek exclusion of 139 days from the CIRP timeline. The RP took over charge after the 140th day of CIRP and found that several procedures were pending or not carried out. These included verification of claims, appointment of registered valuers, and preparation of the Information Memorandum. The CoC

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## Issues and analysis

### Issue 1: Whether the period during which there was no Resolution Professional (RP) in place can be excluded …

**Ratio:** The ratio is based on the principle that if no 'Resolution Professional' is functioning

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**Reasoning:** The Tribunal reasoned that the absence of a functioning RP hindered the progress of the

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**Interpretation:** The interpretation is that the CIRP timeline should be adjusted to account for

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**Application:** In this case, the period between the resignation of the initial IRP and the

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## Parties

- **Judges:** Ashok Kumar…; Anil Ku…
- **Appellants:** K. Parameswaran…
- **Respondents:** Samson and Sons…; Vijayaku…

## Timeline

- **2021-11-03 — Admission of Ap…**: Tribunal admitted the application filed under Section 9 of the Insolvency and Bankruptcy…
- **2021-11-07 — IRP Inab…**: Mr. Muhammed Davood Cmk informed the Registry about his inability to continue as IRP due…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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