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2025 Supreme(Online)(NCLT) 4861
NATIONAL COMPANY LAW TRIBUNAL
Sanjiv Dutt, MEMBER (TECHNICAL), Ashish Kalia, MEMBER (JUDICIAL)
Sangram Gade – Appellant
Versus
Jogeshwari Breweries Private Limited – Respondent
IBC Under Section 9, Sec 60(5) | C.P. (IB)/1132(MB)2023
For the Appellants/Petitioners: None
For the Respondents: Adv. Sejal, Adv. Tanmay Sangan
For RP: Adv. Kunal K., Adv. Nausher Kohli
The Court upheld the supremacy of the CoC's decisions and justified the extension of the CIRP period based on procedural necessities.
Headnote:(A) Insolvency and Bankruptcy Code, 2016 - Section 9 and Section 12 - Resolution Plan - Application filed seeking directions for urgent consideration of the Resolution Plan - CoC rejected the plan after due deliberations - Tribunal upheld the supremacy of the CoC's commercial decision, leading to dismissal of the application. (Paras 1-4)
(B) Extension of CIRP period - Application for extension of 60 days approved by CoC due to handover delays - Tribunal granted extension as requested. (Paras 1-2)
(C) Infructuous application - Due to the progress of the CIRP, the third application became unnecessary. (Para 1)
Facts of the case:
The Applicant sought urgent consideration of a Resolution Plan not accepted by the CoC, who opted to issue a fresh Form G instead. A subsequent filing for a 60-day extension of the CIRP period was necessitated by delays in handover of necessary documents. The Tribunal ultimately authorized the extension as justified under the circumstances.
Findings of Court:
The CoC's decision regarding the Resolution Plan was maintained and reinforced the Tribunal's deference to their commercial judgment, leading to one application being denied and another being granted.
Issues: The key issues involved the rejection of the Resolution Plan and the request for an extension of the CIRP period.
Ratio Decidendi: The court ruled that the decision of the CoC is paramount and that requests for extensions under Section 12 were justified based on the given situation.
Result: Applications IA 5448/2024 and IA 939/2025 dismissed; IA 88/2025 allowed.
NATIONAL COMPANY LAW TRIBUNAL
MUMBAI BENCH COURT II
Item No. 119
IA 5448/2024, IA 88/2025 IA 939/2025 in C.P. (IB)/1132(MB)2023
CORAM
SHRI SANJIV DUTT SHRI ASHISH KALIA
HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)
ORDER SHEET OF HEARING (HYBRID) DATED 22.08.2025
NAME OF THE PARTIES: Sangram Gade Vs. Jogeshwari Breweries
Private Limited
Appearance:
For Petitioner : None
For RP : Adv. Kunal K.
For Respondent : Adv Sejal for Respondent 9 PNB IN IA 939 (VC)
Adv. Tanmay Sangan For Respondent no. 2 Bank of
Maharashtra (vc)
For RA : Adv. Nausher Kohli
IBC Under Section 9, Sec 60(5)
ORDER
IA 5448/2024
1. This Application has been filed by the Applicant seeking directions to the Respondent for urgent consideration of the Resolution Plan dated 20.06.2024. 2. Pursuant to the directions of this Tribunal, the members of CoC have considered the proposal of the Successful Resolution Applicant. The same was placed before the Committee of Creditors (CoC), and after due deliberations,
it has been recorded that:
“In light of the above, the Resolution Professional sought views of the Members of the CoC. Both Members of the CoC have expressed that the Resolution Plan, read with the revised offer submitted by Email dated
13.08.2025, is not accepted and has accordingly been rejected in the 14th Meeting of the CoC. The CoC has resolved to recommence the process by issuing a fresh Form G.”
3. In view thereof, this Tribunal finds that its earlier directions have been duly complied with. It is well settled, in terms of the judgment of the Hon’ble Supreme Court in Ghanshyam Mishra & Sons (P) Ltd. v. Edelweiss Asset Reconstruction Co. Ltd. and other judgments, that the decision of the CoC is supreme, being a commercial decision. Accordingly, nothing survives in the present Application.
4. The Application, IA 5448/2024, is, therefore, dismissed as satisfied.
5. However, it is needless to observe that the present Applicant shall be at liberty to participate in the subsequent proceedings, if so advised.
IA 88/2025
1. The present application has been filed by the Resolution Professional. The following reliefs are sought:
a. Consider the present IA 88 of 2024 under the provision of Section 12 of the Insolvency and Bankruptcy Code, 2016 for an extension of CIRP period by 60 days i.e., from 05 November 2024 to 04 January 2025;
2. Ld. Counsel appearing for the Applicant submits that on 04 November 2024, a meeting was scheduled with the Erstwhile RP for handover of the documents/ data/ information of the CD to the Applicant. Immediately on the next day of receiving the handover from the Erstwhile RP, the extended period for completion of CIRP i.e. 05 November 2024 (270 days) elapsed. As complete handover is yet to be received by the Applicant, and the COC is still in process of examining the feasibility and Viability of the Resolution Plan, the COC in its 6th (sixth) meeting held on 05 November 2024 approved the extension of CIRP period by 60 days (Sixty days) and authorised the Applicant to file an application before this Tribunal in the best interest of all stakeholders and for resolution of the Corporate Debtor.
Hence the present Application has been filed by the Applicant for seeking extension of 60 days up to 330 days (from 05 November 2024 to 04 January 2025) in the CIRP period under Section 12 of the Code.
2. After considering the facts and circumstances of the case, the Tribunal is inclined to extend the CIRP period as prayed for. Accordingly, the CIRP period is extended by 60 days from 05 November 2024 to 04 January 2025. IA 88/2025 is allowed and disposed of accordingly.
IA 939/2025 Learned Counsel appearing for the Resolution Professional submits that this Hon’ble Tribunal may be pleased to issue necessary directions to the Respondents / Committee of Creditors for taking a final decision in relation to the progress of the CIRP or liquidation of the Corporate Debtor.
In view of the aforesaid submission, IA 939/2025 has become infructuous.
Accordingly, IA 939/2025 stands dispose
