In the matter of PIONEER GAS POWER LIMITED
- CitationIA (IBC)/865 & 866/2025 in Company Petition/IB/164/7/2021
Ratio decidendi
The rule this decision rests on
The Tribunal may extend the corporate insolvency resolution process period beyond the period already extended, where the Committee of Creditors has resolved for such extension and the application shows that the Committee is at the final stage of appraising resolution plans received from prospective resolution applicants, and such extension is subject to the condition that if the process is not completed within the extended period, the Tribunal will consider proceeding with liquidation of the corporate debtor.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
SL. No.2 NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH COURT HALL NO: II Vacation Bench Hearing Through: VC and Physical (Hybrid) Mode CORAM: SHRI. NILESH SHARMA – HON’BLE MEMBER (J) CORAM: SHRI. SANJAY PURI - HON’BLE MEMBER (T) ATTENDANCE-CUM-ORDER SHEET OF THE HEARING OF NATIONAL COMPANY LAW TRIBUNAL, HYDERABAD BENCH, HELD ON 19.05.2025 at 11:00 AM TRANSFER PETITION NO. IA (IBC)/865/2025 and IA (IBC)/866/2025 in COMPANY PETITION/APPLICATION NO. Company Petition/IB/164/7/2021 NAME OF THE COMPANY Pioneer Gas Power Ltd NAME OF THE PETITIONER(S) IN THE IFCI Ltd PETITION AND THE IAs NAME OF THE RESPONDENT(S) IN THE Pioneer Gas Power Ltd PETITION AND THE IAs UNDER SECTION 7 of IBC
ORDER IA (IBC)/865/2025 Present: Mr. Patula Ramesh Babu, Ld. Counsel for the Applicant through VC. Mr. Ramanjaneyulu Gandluri, Resolution Professional through VC.
This is an application filed for urgent listing of the IA (IBC)/866/2025, which has been taken up today. Accordingly, this IA (IBC)/865/2025 has become infructuous and is disposed of.
IA (IBC)/866/2025 Present: Mr. Patula Ramesh Babu, Ld. Counsel for the Applicant through VC. Mr. Ramanjaneyulu Gandluri, Resolution Professional through VC.
This application has been moved for seeking extension of 45 days of CIRP period beyond the extended period, which was allowed vide order dated 17.03.2025, where the extension was allowed up to 12.05.2025. Considering the facts and circumstances narrated in the application including the resolution passed by the CoC for extension of the 45 days time period and the submissions made by the Ld. Counsel for the Applicant today, including the fact that the CoC is at the final stage of analyzing and appraising the resolution plans received by the RP from the Prospective Resolution Applicants, we allow 45 days’ extension in the CIRP period w.e.f. 13.05.2025, subject to the direction that if the Apoorva
CIRP process is not completed within the time period as extended vide this Order, this Bench will consider proceeding with the liquidation of the CD. Accordingly, this application is disposed of.
Sd/- Sd/- MEMBER (T) MEMBER (J)
Apoorva
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