# 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-00260. The case involves an application filed by the Resolution Professional (RP) of the Corporate…

- **Court:** NCLT
- **Order date:** 2 Dec 2022
- **Citation:** TCN-2022-NCLT-00260
- **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-a03a5062

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of the Corporate Debtor, VOVL Limited, seeking an extension of time for the completion of the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated, and the RP was appointed. The RP received resolution plans from four proposed resolution applicants, which are currently under deliberation by the Committee of Creditors (CoC). The application for extension was deemed necessary because the CIRP period was nearing its end, and the Corporate Debtor is involved in investing in offshore oil and gas assets through its subsidiaries, requiring cross-border negotiations and compliance with multiple jurisdictions.

## Facts

Pravin R. Navandar, the Resolution Professional (RP) of VOVL Limited, filed an application seeking an extension of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor, VOVL Limited, was admitted into CIRP on November 8, 2019, and the RP was appointed on January 20, 2020. The RP received resolution plans from four applicants, which are under consideration by the Committee of Creditors (CoC). The CIRP period was set to end on November 21, 2022. The Corporate Debtor is engaged in investing in offshore oil and gas assets through its subsidiaries, including Videocon Energy Brazil Limited (VEBL), which has a joint venture with Bharat Petroleum Ventures BV (BPRL). The resolution plans involve the transfer of VEBL's stake in the joint venture, requiring

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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:** The Supreme Court in Committee of Creditors of Essar Steel India Limited Through

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**Reasoning:** The Tribunal noted that the CIRP had achieved good progress and reached its final stages,

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**Interpretation:** The 330-day limit for CIRP is not absolute. The Adjudicating Authority has the

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**Application:** In this case, the Tribunal found that the CIRP had progressed significantly,

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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 — CIRP Init…**: The Corporate Debtor…
- **2020-01-20 — RP Appoin…**: The present Applicant was appointed as…

## 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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