# 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-05205. The case involves applications (IAs) filed in connection with the Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 4 Jan 2023
- **Citation:** TCN-2023-NCLT-05205
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srei-infrastructure-finance-limited-iaibc1719-1720kb2022-in-cp-ib-294-295kb2021-3b3d3f81

## Summary

### Background

The case involves applications (IAs) filed in connection with the Corporate Insolvency Resolution Process (CIRP) of SREI Infrastructure Finance Limited (SIFL). The Administrator of SREI filed the IAs seeking enlargement of time for completion of the CIRP. The Committee of Creditors (CoC) resolved to seek an extension of time with 84.44% voting. Three financial bids have been received, and the final process involves negotiation and voting on the successful plan.

## Facts

The Administrator of SREI Infrastructure Finance Limited (SIFL) filed IA(I.B.C)/1719(KB)2022 and IA(I.B.C)/1720(KB)2022 seeking an extension of time for the completion of the Corporate Insolvency Resolution Process (CIRP). IA(I.B.C)/1720(KB)2022 is connected to С.Р. (IB)/294(KB)2021, and IA(I.B.C)/1719(KB)2022 is connected to С.Р. (IB)/295(KB)2021. The Committee of Creditors (CoC) of SREI Infrastructure Finance Limited (SIFL) and SREI Equipment Finance Limited (SEFL) resolved to seek an extension of time with 84.44% voting. Three financial bids have been received, and the final process involves negotiation and voting on the successful plan. The original deadline for CIRP completion was approaching, necessitating the extension. The Administrator sought a 44-day

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## Issues and analysis

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

**Ratio:** The court has the discretion to extend the time for completion of the CIRP based on the

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**Reasoning:** The court considered the averments in the IAs, the resolution of the CoC supporting the

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

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**Application:** The court applied the ratio to the specific facts of the case, noting that the

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Respondents:** SREI Infrastructur…
- **Advocates:** Jishnu…; Debnath…; +6 more

## Timeline

- **2023-01-02 — Filing of IA(I.B.C)/1719…**: 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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