# In the matter of Uthara Fashion Knitwear Ltd.

> NCLT judgment dated 2023-08-25. Citation: TCN-2023-NCLT-01908. The application IA(IBC)/1514(CHE)2023 was filed by the Resolution Professional of the Corporate…

- **Court:** NCLT
- **Order date:** 25 Aug 2023
- **Citation:** TCN-2023-NCLT-01908
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/uthara-fashion-knitwear-ltd-6333ceef

## Summary

### Background

The application IA(IBC)/1514(CHE)2023 was filed by the Resolution Professional of the Corporate Debtor, M/s. Uthara Fashion Knitwear Limited, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking an extension of the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated on 01.07.2022. The Interim Resolution Professional issued an invitation for Expression of Interest for Resolution Plans on 19.09.2022. The applicant was appointed as Resolution Professional on 17.10.2022. The 270th day of the CIRP period was 28.03.2023.

## Facts

The Resolution Professional (RP) of M/s. Uthara Fashion Knitwear Limited filed an application (IA(IBC)/1514(CHE)2023) seeking an extension of the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated on 01.07.2022. The RP had issued an invitation for Expression of Interest (EOI) on 19.09.2022 and was appointed on 17.10.2022. The 270th day of the CIRP period was 28.03.2023. The RP had previously filed IA No.1524 of 2022 seeking an extension, which was allowed on 22.12.2022. A Resolution Plan was submitted on 10.01.2023, and after negotiations, an addendum was submitted on 31.01.2023. The CoC approved the Resolution Plan, and the RP filed I.A. No.428 of 2023 seeking approval, which was dismissed, and the CIRP period was extended till 29.07.2023. Fresh

…

## Issues and analysis

### Issue 1: Whether the extension of the CIRP period beyond …

**Ratio:** The adjudicating authority can extend the CIRP period beyond 330 days if it is in the

…

**Reasoning:** The Tribunal relied on the case of 'Committee of Creditors of Essar Steel India Limited

…

**Interpretation:** The 330-day limit for CIRP is not absolute and can be extended if it serves the

…

**Application:** In this case, the Tribunal found that extending the CIRP period would allow the

…

## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Chandrasekhar…
- **Respondents:** M/s. Uthara…

## Timeline

- **2022-07-01 — CIRP Init…**: Corporate Insolvency Resolution…
- **2022-09-19 — EOI Invit…**: Interim Resolution Professional issued invitation for Expression of Interest (EOI) for…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/uthara-fashion-knitwear-ltd-6333ceef