# In the matter of VOVL Limited I.A. No. 3361 of 2022 in CP (IB) No. 2742-(MB) 2019

> NCLT judgment dated 2022-12-02. Citation: TCN-2022-NCLT-00257. The case involves an application filed by the Resolution Professional (RP) of VOVL Limited,…

- **Court:** NCLT
- **Order date:** 2 Dec 2022
- **Citation:** TCN-2022-NCLT-00257
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vovl-limited-ia-no-3361-of-2022-in-cp-ib-no-2742-mb-2019-0bd24e0c

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of VOVL Limited, seeking an extension of time for the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor, VOVL Limited, was admitted into CIRP on November 8, 2019. The RP has received resolution plans from four prospective applicants, which are under deliberation by the Committee of Creditors (CoC). The RP argues that the extension is necessary because the Corporate Debtor is involved in investing in offshore oil and gas assets through subsidiaries, requiring cross-border negotiations and compliance with multiple jurisdictions. The CIRP period was initially extended by 90 days until August 31, 2021, and further extended until November 21, 2022.

## Facts

Pravin R. Navandar, the Resolution Professional (RP) of VOVL Limited, filed an application seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period. VOVL Limited, the Corporate Debtor, was admitted into CIRP on November 8, 2019. The RP received resolution plans from four proposed resolution applicants, which are currently being deliberated upon by the Committee of Creditors (CoC). The Corporate Debtor is engaged in investing in and holding offshore oil and gas assets through its direct and indirect subsidiaries, including Videocon Energy Brazil Limited (VEBL). VEBL has a joint venture with Bharat Petroleum Ventures BV (BPRL) in Brazil. The resolution plans involve the transfer of VEBL's stake in the joint venture with BPRL, requiring compliance

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## Issues and analysis

### Issue 1: Whether the CIRP period of the Corporate Debtor should be extended beyond the statutory limit of …

**Ratio:** Liquidation should be considered the last resort, and extensions of the CIRP period can

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**Reasoning:** The Tribunal considered the progress made in the CIRP, the fact that resolution plans are

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**Interpretation:** The statutory limit of 330 days for the CIRP period is not absolute and can be

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**Application:** In this case, the Tribunal found that the CIRP had achieved good progress,

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## Parties

- **Judges:** P.N. Deshmukh…; Shyam Babu…
- **Appellants:** Pravin R. N…
- **Respondents:** VOVL Li…; S Z Deshmuk…

## Timeline

- **2019-11-08 — Admission in…**: The Corporate Debtor, VOVL Limited, was…
- **2020-01-20 — Appointment…**: The present Applicant was appointed as the Resolution Professional (RP) for the Corporate…

## 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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