NATIONAL COMPANY LAW TRIBUNAL

INDORE SPECIAL BENCH

COURT NO. 1

ITEM No.2-IA/148(MP)2025

in

(MP) CP(IB) 68 of 2020

Proceedings under Section 9 IBC

IN THE MATTER OF:

Indian Potash Ltd ........Applicant

V/s

Summan Phosphates & Chemicals Ltd ........Respondent

Order delivered on 15/04/2025

Coram:

Shammi Khan, Hon’ble Member(J)

Sanjeev Kumar Sharma, Hon’ble Member(T)

PRESENT:

For the Applicant/RP : Ms. Kritika Khanna, Adv. a. w.

Mr. Bishwa Ranjan Chatterjee (RP in person)

For the Respondent :

ORDER

(Hybrid Mode)

IA/148(MP)2025

1. This is an application filed on 04.04.2025 by the Applicant/RP under Section

60(5)(c) of the IBC, 2016, under Rule 11 of the NCLT Rules, 2016, seeking exclusion of 122 days from the CIRP process of the Corporate Debtor i.e. from

26.10.2024 to 25.02.2025 with the following prayers:

(i) To pass an order to exclude one hundred & twenty-two days (122 days)

from the period of Corporate Debtor Insolvency Resolution Process of the Corporate Debtor, i.e., the period form filling of the IA No.463/2024 i.e.,

26^th October 2024 up to date of final order i.e., 25^th February 2025.

(ii) To pass an order as it may deem fit and proper.

2. It has been submitted by the Applicant submits that the CIRP of the Corporate

Debtor commenced on 05.04.2024. Thereafter, Form G inviting Expression of Interest (EOI) was published on 21.08.2024, with the last date for submission as 05.09.2024. During the CIRP, two resolution plans were received by 04.11.2024,

with their evaluation and due diligence under Section 29(A) of the IBC completed and reports provided to financial creditors on 20.01.2025

3. However, during the CIRP, one Indian Potash Limited submitted a delayed Expression of Interest (EOI) on 11.10.2024 and, subsequently, filed an IA 463 of 2024 on 26.10.2024 seeking direction for acceptance of said belated Expression of Interest (EOI).

4. This Tribunal vide order dated 25.02.2025, allowed the IA and directed the RP to accept a delayed Expression of Interest (EOI) from Indian Potash Limited and include it in the list of Prospective Resolution Applicants (PRAs). This necessitated a revision of the CIRP timeline, including inviting fresh resolution plans from existing applicants and Indian Potash Limited.

5. The Applicant further submits that in the 10th CoC meeting held on 11.03.2025, the RP apprised the CoC of the Tribunal’s order. The financial creditors, holding 92.33% voting share in their commercial wisdom, resolved that fresh resolution plans be invited from the two existing PRAs and Indian Potash Limited to maximize the value of the Corporate Debtor’s assets. The CoC further approved, with 92.33% voting share, to seek exclusion of 122 days (26.10.2024 to 25.02.2025, corresponding to the pendency of IA No. 463/2024) to facilitate compliance with the Tribunal’s order and maximize the value of the Corporate Debtor’s assets.

6. We have considered the submissions, the CoC’s resolution, and the documents annexed, including the minutes of the 10th CoC meeting (Annexure D) and e- voting results (Annexure E). The delay arising from the adjudication of IA No. 463/2024, which was beyond the Applicant’s control, impacted the CIRP timeline. The CoC’s decision to invite fresh resolution plans from three PRAs, including Indian Potash Limited, aligns with the IBC’s objective of promoting a competitive resolution process to enhance asset value and revive the Corporate Debtor as a going concern.

7. The exclusion of 122 days is justified to comply with the Tribunal’s directions in IA No. 463/2024 and to provide sufficient time for the submission and evaluation of fresh resolution plans. This will safeguard the interests of all stakeholders by ensuring a fair and transparent process, avoiding premature liquidation, and fostering the Corporate Debtor’s revival.

8. Accordingly, the period from 26.10.2024 to 25.02.2025 (i.e., 122 days) is hereby excluded from the CIRP period of the Corporate Debtor. The CIRP timeline shall be extended accordingly

9. The Applicant/RP is directed to