# In the matter of Suzuki Textiles Limited {IA (IBC) No. 462-JPR-2023 in CP No. (IB)-275-9-JPR-2019]

> NCLT judgment dated 2024-01-31. Citation: TCN-2024-NCLT-02837. The case involves an application filed under Section 60(5)(a) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 31 Jan 2024
- **Citation:** TCN-2024-NCLT-02837
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/suzuki-textiles-limited-ia-ibc-no-462-jpr-2023-in-cp-no-ib-275-9-jpr-2019-d1288c5c

## Summary

### Background

The case involves an application filed under Section 60(5)(a) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, by the Chairperson of the Monitoring Committee of M/s Suzuki Textiles Private Limited, seeking an extension of time to implement the Resolution Plan. An earlier application under Section 9 of the Code was filed by M/s Sangam (India) Limited for initiating CIRP against the Corporate Debtor, M/s Suzuki Textile Limited. This application was admitted on 2022-01-31, and Mr. Prashant Agrawal was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) approved a Resolution Plan submitted by M/s Sai Leela Synthetics Pvt. Ltd., which was approved by the Adjudicating

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## Facts

M/s Sangam (India) Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Suzuki Textile Limited, the Corporate Debtor. The Adjudicating Authority admitted the application on 2022-01-31 and appointed Mr. Prashant Agrawal as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC) approved a Resolution Plan submitted by M/s Sai Leela Synthetics Pvt. Ltd., which was approved by the Adjudicating Authority on 2023-01-18. The Chairperson of the Monitoring Committee of M/s Suzuki Textiles Private Limited filed an application seeking an extension of time to implement the Resolution Plan, as the initial 120-day period granted by

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should grant an extension of time for the implementation of the …

**Ratio:** The Adjudicating Authority has the power to grant extensions of time for the

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**Reasoning:** The Adjudicating Authority considered the applicant's submission that certain operational

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**Interpretation:** Section 60(5)(a) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11

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**Application:** In this case, the Adjudicating Authority applied the ratio by excluding the

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Prashant A…
- **Respondents:** M/s Suzuki…; OFFICE OF…

## Timeline

- **2022-01-31 — Application A…**: The Adjudicating Authority admitted the application filed by M/s Sangam (India) Limited…
- **2023-01-18 — Resolution Plan…**: The Adjudicating Authority approved the Resolution Plan submitted by M/s Sai Leela…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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