# In the matter of SAV Wires Private Limited

> NCLT judgment dated 2024-04-24. Citation: TCN-2024-NCLT-01611. The case involves an application filed by the Resolution Professional (RP) seeking an extension…

- **Court:** NCLT
- **Order date:** 24 Apr 2024
- **Citation:** TCN-2024-NCLT-01611
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sav-wires-private-limited-af7e426c

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking an extension of 90 days for the Corporate Insolvency Resolution Process (CIRP) of SAV Wires Private Limited. The CIRP was initiated on December 16, 2022. The RP was appointed on February 7, 2023, and convened multiple Committee of Creditors (CoC) meetings. The CoC unanimously resolved to extend the CIRP by 90 days during the 4th CoC meeting. Prior to this application, another IA was filed for excluding 61 days from the CIRP timeline. The initial CIRP period of 180 days was to end on June 13, 2023. The Hon'ble High Court of Calcutta ordered for transfer of the Winding up petition vide no. CP/601/2015 to Hon'ble NCLT, Kolkata upon an application filed by the applicant on April 13, 2023.

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against SAV Wires Private Limited on December 16, 2022. The Interim Resolution Professional (IRP) was appointed on February 7, 2023. The IRP convened multiple meetings of the Committee of Creditors (CoC). During the 4th CoC meeting, a unanimous resolution was passed to extend the CIRP by 90 days. Prior to this, an application was filed to exclude 61 days from the CIRP timeline because the order of appointment could only be downloaded on February 15, 2023. The CoC decided to liquidate the Corporate Debtor on August 21, 2023, due to the non-receipt of a resolution plan. The Adjudicating Authority ordered the liquidation of the Corporate Debtor on January 30, 2024. The current application seeks

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## Issues and analysis

### Issue 1: Whether the application for a 90-day …

**Ratio:** The court has the power to extend the CIRP period as per the Insolvency and Bankruptcy

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**Reasoning:** The CoC had resolved to extend the CIRP period. However, the CoC subsequently decided to

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**Interpretation:** The court interprets the IBC to allow for extensions of the CIRP period, but

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**Application:** Given the CoC's decision to liquidate and the subsequent liquidation order, the

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** State Bank of…
- **Respondents:** SAV Wires Private…
- **Advocates:** Shaunak…; Shaunak…

## Timeline

- **2022-12-16 — CIRP Init…**: The Corporate Insolvency Resolution Process was initiated by the order of the Hon'ble…
- **2023-02-07 — Appointment…**: The Applicant herein was appointed as the Interim Resolution Professional vide order…

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