# In the matter of State Bank of India Vs. Sameer Ahmad Khan, CP (IB) No.948(PB)/2020

> NCLT judgment dated 2022-08-16. Citation: TCN-2022-NCLT-01364. The application IA-3809/2022 was filed seeking an extension of 60 days to file a report on the…

- **Court:** NCLT
- **Order date:** 16 Aug 2022
- **Citation:** TCN-2022-NCLT-01364
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-sameer-ahmad-khan-cp-144e72e7

## Summary

### Background

The application IA-3809/2022 was filed seeking an extension of 60 days to file a report on the decision of creditors regarding the approval or rejection of a repayment plan submitted by the Personal Guarantor, as per Regulation 19 of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, read with Section 112 of the Insolvency & Bankruptcy Code (IBC). The applicant's counsel referred to paragraphs 25, 26, and 27, highlighting the requirement for the Resolution Professional to file a report within 120 days of the commencement of the Insolvency Resolution Process.

## Facts

State Bank of India filed an application against Sameer Ahmad Khan. The application, IA-3809/2022, seeks a 60-day extension to file a report on the creditors' decision regarding the repayment plan submitted by the Personal Guarantor. The applicant cites Regulation 19 of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, and Section 112 of the IBC. The repayment plan is under consideration by the creditors, and the Personal Guarantor needs more time to improve it. Creditors also require time for internal approvals. The Resolution Professional is required to file a report within 120 days of the commencement of the Insolvency Resolution Process. The timeline for completion of Insolvency Resolution Process is 180 days

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## Issues and analysis

### Issue 1: Whether the applicant should be granted a 60-day extension to file the 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 of the applicant's counsel, noting that the

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**Interpretation:** The court interpreted Regulation 19 and Section 112 to allow for an extension

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**Application:** Based on the specific facts that the repayment plan was under consideration and

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** State Bank of…
- **Respondents:** Sameer Ahma…

## Timeline

- **2022-08-04 — Effective date for…**: The applicant sought an extension of 60…
- **2022-08-16 — Order del…**: The order was delivered…

## 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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