# In the matter of Srei Infrastructure Finance Limited IA(I.B.C)/1719 & 1720(KB)2022 in C.P. (IB)-294 & 295(KB)2021

> NCLT judgment dated 2023-01-04. Citation: TCN-2023-NCLT-05196. The case involves applications (IAs) filed by the Administrator of SREI Infrastructure Finance…

- **Court:** NCLT
- **Order date:** 4 Jan 2023
- **Citation:** TCN-2023-NCLT-05196
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srei-infrastructure-finance-limited-iaibc1719-1720kb2022-in-cp-ib-294-295kb2021-0fc95ade

## Summary

### Background

The case involves applications (IAs) filed by the Administrator of SREI Infrastructure Finance Limited (SIFL) seeking an enlargement of time for the completion of the Corporate Insolvency Resolution Process (CIRP). These applications are connected and seek identical relief. The Committee of Creditors (CoC) has resolved to seek this enlargement of time with 84.44% voting.

## Facts

The Administrator of SREI Infrastructure Finance Limited (SIFL) filed connected Interlocutory Applications (IAs), IA(I.B.C)/1719(KB)2022 and IA(I.B.C)/1720(KB)2022, seeking an extension of time for the Corporate Insolvency Resolution Process (CIRP). The CoC resolved to seek an enlargement of time with 84.44% voting. Three financial bids have been received, and the final steps are negotiation and voting on the successful plan. The initial application, IA(I.B.C)/1719(KB)2022, was filed on 02.01.2023. The Administrator sought a 44-day extension to complete the CIRP by February 18, 2023. The relevance of these facts is that the CIRP was nearing its deadline, and the Administrator needed more time to finalize the resolution plan.

## Issues and analysis

### Issue 1: Whether the time for completion of the Corporate Insolvency Resolution Process (CIRP) should be …

**Ratio:** The court has the discretion to enlarge the time for completion of the CIRP if it deems

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**Reasoning:** The court considered the averments in the applications, the facts, and the circumstances

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**Interpretation:** The court interpreted the relevant provisions of the Insolvency and Bankruptcy

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**Application:** Based on the facts presented, including the advanced stage of the resolution

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Reserve Bank of…
- **Respondents:** SREI Infrastructur…

## Timeline

- **2023-01-02 — IA Filin…**: IA(I.B.C)/1719(KB)2022 filed by…
- **2023-01-04 — Hearing…**: Hearing on the applications for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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