# In the matter of Presidium Educational Institution Private Limited

> NCLT judgment dated 2023-07-13. Citation: TCN-2023-NCLT-05324. The case involves an application (IA-3167/2023) filed under Section 12(2) and/or Section 60(5)…

- **Court:** NCLT
- **Order date:** 13 Jul 2023
- **Citation:** TCN-2023-NCLT-05324
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/presidium-educational-institution-private-limited-1002c689

## Summary

### Background

The case involves an application (IA-3167/2023) filed under Section 12(2) and/or Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking an extension of the CIRP period and exclusion of a certain period due to non-cooperation from the suspended directors of the Corporate Debtor.

## Facts

Yes Bank Limited filed a Company Petition (IB-559(ND)/2021) under Section 7 of the IBC, which was admitted on 29.11.2022, initiating CIRP against Presidium Educational Institution Pvt. Ltd.

Mr. Ganga Ram was initially appointed as the Interim Resolution Professional (IRP), but was later replaced by the Applicant, Mr. Anil Goel, as the Resolution Professional (RP) on 31.03.2023.

The first Form-G was published on 05.02.2023, but the RP faced non-cooperation from the Suspended Directors and Auditor of the Corporate Debtor.

The CoC, in its third meeting held on 06.03.2023, resolved with 99.87% vote to republish Form-G due to requests for extension from Prospective Resolution Applicants (PRAs).

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should allow the exclusion of 91 days from 24.02.2023 to …

**Ratio:** Section 12(2) of the Insolvency and Bankruptcy Code, 2016 and/or Section 60(5) of the

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**Reasoning:** The lack of cooperation from the suspended directors hindered the RP's ability to gather

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**Interpretation:** The provision allows for exclusion of time when circumstances beyond the

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**Application:** The Adjudicating Authority considered the facts presented by the RP regarding

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** Yes Bank…; Anil…
- **Respondents:** Presidium…
- **Other parties:** GANGA…
- **Advocates:** Amar V…; Abhinav…

## Timeline

- **2022-11-29 — Admission of Company…**: The Adjudicating Authority admitted the Company Petition (IB-559(ND)/2021) filed by Yes…
- **2023-03-31 — Appointment…**: Mr. Ganga Ram was replaced by Mr. Anil Goel…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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