# In the matter of SAV Wires Private Limited

> NCLT judgment dated 2023-08-16. Citation: TCN-2023-NCLT-02023. The application was filed by the Resolution Professional of SAV Wires Private Limited under…

- **Court:** NCLT
- **Order date:** 16 Aug 2023
- **Citation:** TCN-2023-NCLT-02023
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sav-wires-private-limited-ac4a7dc7

## Summary

### Background

The application was filed by the Resolution Professional of SAV Wires Private Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking exclusion of 61 days from the total time period of the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority had admitted the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, vide order dated 16.12.2022, and appointed Mr. Uday Narayan Mitra as the Interim Resolution Professional (IRP). However, Mr. Mitra declined to continue as the IRP due to the expiry of the authorization for assignment. Subsequently, the Financial Creditor filed an application seeking change and/or replacement of the IRP, and the

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## Facts

State Bank of India initiated CIRP against SAV Wires Private Limited. The Adjudicating Authority admitted the petition on 2022-12-16 and appointed Mr. Uday Narayan Mitra as the Interim Resolution Professional (IRP). Mr. Mitra declined to continue as IRP due to the expiry of his authorization. The Financial Creditor then filed an application for the appointment of a new IRP, and CA Santanu Brahma was appointed. The applicant, CA Santanu Brahma, sought exclusion of 61 days from the CIRP period, specifically from 2022-12-16 to 2023-02-15, because he could not proceed with the CIRP during that time. The Suspended Board of Directors of the Corporate Debtor failed to cooperate and provide necessary documents. The registered office of the Corporate Debtor was sealed by the

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## Issues and analysis

### Issue 1: Whether the period from 2022-12-16 to 2023-02-15, totaling 61 days, should be excluded from the …

**Ratio:** The ratio is based on the principle that delays beyond the control of the Resolution

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**Reasoning:** The court reasoned that the delay in initiating the CIRP was due to the initial IRP

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**Interpretation:** The interpretation is that the Insolvency and Bankruptcy Code (IBC) allows for

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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:** BIDISHA BA…; Balraj…
- **Appellants:** CA Santanu…
- **Respondents:** SAV Wires Private…; State Bank of…

## Timeline

- **2022-12-16 — Admission of…**: The Adjudicating Authority admitted the petition filed under Section 7 of the Insolvency…
- **2022-12-16 — Appointment…**: Mr. Uday Narayan Mitra was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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