# In the matter of State Bank of India Vs. Nazuk Jahan, CP (IB) No.949(PB)/2020

> NCLT judgment dated 2022-08-16. Citation: TCN-2022-NCLT-01362. The case involves an application filed by the Applicant seeking an extension of time to file a…

- **Court:** NCLT
- **Order date:** 16 Aug 2022
- **Citation:** TCN-2022-NCLT-01362
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-nazuk-jahan-cp-7d55218b

## Summary

### Background

The case involves an application filed by the Applicant seeking an extension of time to file a report on the decision of the creditors regarding the approval or rejection of a repayment plan submitted by the Personal Guarantor. The application is filed under Regulation 19 of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, read with Section 112 of the Insolvency and Bankruptcy Code (IBC). The Resolution Professional is required to file a report showing either approval or rejection of the repayment plan within 120 days of the commencement of the Insolvency Resolution Process.

## Facts

State Bank of India initiated proceedings against Nazuk Jahan under Section 95(1) of the Insolvency & Bankruptcy Code (IBC). The Applicant sought an extension of 60 days, effective from 04.08.2022, to file a report on the creditors' decision regarding the repayment plan submitted by the Personal Guarantor, as per Regulation 19 of the IBBI Regulations, 2019, and Section 112 of the Code. The Resolution Professional is mandated to file a report showing approval or rejection of the repayment plan within 120 days of the commencement of the Insolvency Resolution Process. The repayment plan is under consideration by the creditors, and the Personal Guarantor requires additional time to improve the plan, while creditors need time for internal approvals. The timeline for

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## Issues and analysis

### Issue 1: Whether the applicant is entitled to an extension of 60 days to file a report on the decision of …

**Ratio:** Regulation 19 of the IBBI (Insolvency Resolution Process for Personal Guarantors to

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**Reasoning:** The court considered the submissions made by the Ld. Counsel for the applicant and

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**Interpretation:** The interpretation of Regulation 19 and Section 112 allows for an extension of

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**Application:** The court applied the ratio and reasoning to the specific facts of the case,

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash K.…
- **Appellants:** State Bank of…
- **Respondents:** Nazuk J…

## Timeline

- **2022-08-04 — Effective date for…**: The applicant sought an extension…
- **2022-08-16 — Order del…**: Order delivered on 16.08.2022…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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