2018 (5) TMI 1982 - AT - Insolvency and Bankruptcy

Admissibility of appeal - HELD THAT - The questions arise for considerations of this appeal are i) Whether the Resolution Applicant, who submitted Resolution Plan within time can be held to be ineligible due to subsequent enactment of Section 29A of Insolvency Bankruptcy Code, 2016 (hereinafter referred to as I B Code )? and ii) In the facts and circumstances of a case, if the Adjudicating Authority delays to take up a Resolution Plan, for one or other reason, whether such period should be excluded for the purpose of counting the total period of 180 or 270 days.? Post the appeal for admission on 18th May, 2018.

Summary

The Appellate Tribunal considered whether a Resolution Applicant can be deemed ineligible due to the enactment of Section 29A of the Insolvency & Bankruptcy Code, 2016. They also discussed whether delays by the Adjudicating Authority should be excluded when counting the total period of 180 or 270 days. The appeal was posted for admission on 18th May, 2018. During the appeal's pendency, the Liquidator/Adjudicating Authority could proceed with liquidation but not sell any company property without the Tribunal's permission.