Back
2025 Supreme(Online)(NCLT) 5095
NATIONAL COMPANY LAW TRIBUNAL
Sh. Praveen Gupta, Member (Judicial), Sh. Ashish Verma, Member (Technical)
Mr. Ganga Ram Agarwal Resolution Professional – Appellant
Versus
M/s Khard Enterprises – Respondent
Insolvency Case | I.A. No. 158 of 2025
For the Appellant/RP: Sh. Amar Vivek, Swechcha
For the Respondents: Mishra, Damini Srestha, Anant Jain, Advs.
Court upheld the need for a 30-day extension of the CIRP process for effective resolution of the corporate debtor's financial distress.
Headnote:The judgment concerns an application filed under Section 12(2) and Section 60(5) of the Insolvency and Bankruptcy Code, 2016, regarding the extension of the Corporate Insolvency Resolution Process (CIRP) for M/s Ramnath Developers Pvt. Ltd. The court acknowledged that the CIRP period was due to conclude on 20.10.2024 and observed that there were ongoing negotiations for resolution plans which warranted an extension. The corporate debtor was engaged in a resolution stage with four plans under consideration. The key issue was whether to grant the requested 30-day extension, considering the CoC had voted overwhelmingly in support. The court determined that the extension was justified for effective progression of the resolution process. The final order permitted the extension of the CIRP for 30 days from the specified date.
ALLAHABAD BENCH, PRAYAGRAJ
___________________________________________________________ (An application filed under Section 12(2) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016 and Rule 11 of the NCLT Rules,
2016)
IN THE MATTER OF:
Mr. Ganga Ram Agarwal
Resolution Professional, Ramnath Developers Pvt. Ltd.
Address; AAA House 64, Okhla Estate,
Phase III New Delhi 110020.
..........Applicant
AND IN THE MATTER OF:
M/s Khard Enterprises
….. Operational Creditor
Versus
M/s Ramnath Developers Pvt. Ltd.
…….. Corporate Debtor
Order pronounced on: 02.09.2025
Coram:
Sh. Praveen Gupta : Member (Judicial)
Sh. Ashish Verma : Member (Technical)
Appearances:
Sh. Amar Vivek with Swechcha : For the Applicant/RP
Mishra, Damini Srestha & Anant
Jain, Advs.
ORDER
1. The instant Application has been filed on behalf of the Resolution Professional (“RP”) of the Corporate Debtor, i.e., M/s Ramnath Developers Private Limited, on 09.10.2024 under Section 12(2) read with Section 60(5) of the Code and Rule 11 of the National Company Law Tribunal Rules, 2016, seeking inter alia the following prayers:
“
i. Allow the present Application; and ii. Extend the CIRP period of the Corporate Debtor, namely "Ramnath Developers Private Limited" by a period of 30 days with effect from 20.10.2024; or iii. Pass any such order(s) as the Hon'ble Tribunal may deem fit in the interest of justice.”
2. It is observed that the present application also sets out the brief facts relating to the extension of 90 days w.e.f. 22.03.2024, the extension of 60 days w.e.f. 21.06.2024 and the extension of 60 days w.e.f. 21.08.2024, which have already been considered and adjudicated in I.A. No. 245 of 2023, I.A. No. 321 of 2024, and I.A. No. 157 of 2025, respectively vide separate orders dated 02.09.2025. Accordingly, the same are not being reproduced herein for the sake of brevity.
3. In view of the requirement for a further extension of 60 days w.e.f.
20.10.2024, the Applicant submits that, as already on record, the RP had received four compliant resolution plans pursuant to the Form- G published on 06.04.2024. During the 30th meeting of the CoC held on 07.08.2024, two resolution plans submitted by Ramnath Lifestyle Pvt. Ltd. (“H1 Bidder”) and Kukreja Infrastructures Pvt. Ltd. (“H2 Bidder”) were placed before the CoC for discussion and negotiation. It is submitted that the resolution plan of the H2 Bidder was duly discussed and negotiated in the meetings held on 09.08.2024 and 16.08.2024, wherein the CoC members requested the H1 Bidder to submit a brief summary of its projects, projected revenue, and other relevant details to demonstrate its capability to implement the resolution plan. The H1 Bidder agreed to furnish the said details by 19.08.2024. However, due to the non-availability of the H1 Bidder, its plan could not be discussed in the meeting. Consequently, it was decided that all four PRAs would be required to submit their final payment plans to the Applicant by 26.08.2024.
4. Thereafter, in 31st and 32nd meeting of CoC dated 28.08.2024 and
03.09.2024, respectively, the Applicant informed the CoC of the relevant and material aspects regarding compliance with the RFRP and CIRP Regulations, which were required to be incorporated in the resolution plans, and further deliberated upon the distribution of amounts to the Financial Creditors under the said plans.
Subsequently, the four resolution plans submitted by the PRAs were placed for voting in the 33rd meeting of the CoC held on 25.09.2024.
5. In view of the ongoing resolution process and the fact that the CIRP period of the Corporate Debtor is scheduled to conclude on 20.10.2024, and considering the time required to complete voting on the resolution plans and thereafter file the application for approval of the resolution plan before this Tribunal, the CoC, with 92.73% voting share in favour, resolved to file the present application before this Tribunal seeking a further extension of 30 days w.e.f.
20.10.2024. The relevant resolution is reprod
