# In the matter of NIRMANGOLD PLASTTECH PRIVATE LIMITED

> NCLT judgment dated 2025-06-04. Citation: TCN-2025-NCLT-00936. The case involves an Interlocutory Application filed by the Applicant/Resolution Professional…

- **Court:** NCLT
- **Order date:** 4 Jun 2025
- **Citation:** TCN-2025-NCLT-00936
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/nirmangold-plasttech-private-limited-626b15d7

## Summary

### Background

The case involves an Interlocutory Application filed by the Applicant/Resolution Professional of the Corporate Debtor against Shivaji Nagrik Sahakari Bank Limited seeking certain directions.

## Facts

An Interlocutory Application was filed seeking an extension of time for the CIRP of Nirmangold Plasttech Private Limited.

The 6th CoC meeting was held on 06.12.2024 & 09.12.2024, and the 8th CoC meeting was held on 24.02.2025.

The CoC received a resolution plan with an upward revision of INR 21 Lacs, but did not agree to it.

The CIRP period needed to be concluded within 330 days i.e. till 01.05.2025.

No Resolution Plan was approved by CoC as on 1.5.2025.

Shivaji Nagrik Sahakari Bank Limited failed to change authorized signatories in the bank account of the Corporate Debtor despite Tribunal's directions.

A Show Cause Notice was issued to Shivaji Nagrik Sahakari Bank Limited for non-compliance with the Tribunal's order.

## Issues and analysis

### Issue 1: Whether the extension of time for the CIRP of Nirmangold Plasttech Private Limited should be …

**Ratio:** Section 12(2) of the Insolvency and Bankruptcy Code, 2016 allows for the extension of the

…

**Reasoning:** The Adjudicating Authority considered the submissions and allowed the extension of the

…

**Interpretation:** The extension of time is permissible under the IBC, but the CIRP must be

…

**Application:** The extension was initially granted, but since no resolution plan was approved

…

## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Abhyudaya…
- **Respondents:** Nirmangold…; Shivaji Nagrik…
- **Other parties:** Rakesh Kumar…

## Timeline

- **2024-12-06 — 6th CoC M…**: 6th CoC meeting of the…
- **2024-12-09 — 6th CoC M…**: 6th CoC meeting of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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