NATIONAL COMPANY LAW TRIBUNAL COURT-V, MUMBAI BENCH

203. IA(PLAN)/39/2025 IA/3560/2025 C.P. (IB)/4346(MB)2019 IN THE MATTER OF Ammu Enterprises VS KCG Engineers Private Limited U/s 9 of the Insolvency and Bankruptcy Code, 2016 Order Delivered on 23.02.2026 CORAM:

SH. MOHAN PRASAD TIWARI SH. CHARANJEET SINGH GULATI MEMBER (J) MEMBER (T)

Appearance through VC/Physical/Hybrid Mode:

For the Petitioner: - Adv. Viraj Parekh a/w. Adv. Yahya Batatawala (PH)

RP In Person: - RP Neehal Pathan (PH)

For the Respondent: -

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ORDER IA/3560/2025: - This IA has been filed by the RP seeking following prayers: -

“a. To grant extension of time 1295 days i.e. from 01/08/2021 to 16/02/2025 to complete Corporate Insolvency Resolution Process of the Corporate Debtor as required under Section 12 of the Insolvency and Bankruptcy Code, 2016 b. To condone the delay of 156 days i.e. from 17/02/2025 to

23/07/2025 in filing the present application.”

In this case, the CIRP was initiated on 28.01.2020, and 180 days period of the CIRP were completed on 26.07.2020. The RP had filed an Application bearing no. 465/2021 on 01.01.2021 seeking extension of 90 days and exclusion of 280 days, which was allowed by order dated 18.04.2022, and accordingly, the CIRP got extended up till 31.07.2021. Learned counsel submits that despite such exclusion granted, and extension of 90 days, the CIRP could not be completed and the Plan submitted by M/s. Om Engineering and Fabricators remained pending with the CoC for more than two years, despite clarifications being submitted repeatedly. It is submitted that it was only on account of the persistent follow ups by the RP including multiple in person meetings with the Bank that CoC finally approved the Plan in the 16^th CoC meeting convened on 24.01.2025. The Resolution Applicant submitted an addendum to the Resolution plan on 28.01.2025, and thereafter, the Resolution Plan vide IA 39/2025 on 16.02.2025 was filed before the Adjudicating Authority seeking approval. Learned counsel for the Applicant submits that due to procedural bottlenecks, and internal process of the Bank, the CoC could not approve the plan within the time granted and accordingly, submits that the extension from 01.08.2021 to 16.02.2025 i.e., 1295 days be granted including the condonation of delay of 156 days in filing the present Application.

We have considered the facts of the case, submission of the learned counsel and averments in the IA. We note that after exclusion of 280 days and the completion of 270 days of the CIRP, the last date of CIRP was extended up to 31.07.2021. The IA seeking approval of the Resolution Plan was only filed on 12.02.2025, which is almost after a gap of more than three and a half years. The only reason for such gap without having sought any extension in the CIRP period is explained to us that CoC could not take decision either on the Resolution Plan or for seeking extension in the CIRP due to their internal procedure and the procedural bottlenecks.

We are just not convinced with such reasons submitted in this Application. The CIRP is a time bound process and a complete gap of 1295 days after 03.07.2021, without seeking extension in the CIRP period it seems that the RP and the CoC continued with the CIRP without any legitimacy. Further thereto, there is a delay in filing this Application seeking condonation of 156 days for which no acceptable reason has been tendered before us. In this regard we would refer to the provisions of Section 33(1)(a)

which reads as under: -

“33. (1) Where the Adjudicating Authority: -

(a) before the expiry of the insolvency resolution process period or the maximum period permitted for completion of the the case may be, does not receive a resolution plan under sub-

section (6) of section 30;”

When there is no extension for the continuance of the CIRP, it is the duty of the RP to file an Application for liquidation in terms of the aforesaid provisions which has