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2018 (4) TMI 1824 - Tri - Insolvency and BankruptcyExtension of CIRP period - HELD THAT - The fact that CIRP could not be taken up for nearly about 160 days because of various interim orders passed by this Authority and in view of the pendency of above said applications for adjudication, there is an urgent need to pass interim order to extend the CIRP period atleast till the next date of hearing. All the Counsels appearing for all the parties represented that it would be convenient for them to advance their arguments for final hearing of pending applications only on 15.05.2018 but not before that date. Hence, the CIRP period is extended till 15.05.2018. This Interim Order is passed extending the CIRP period till 15.05.2018, subject to the orders of the Hon 'ble NCLAT in the Appeal pending before it.
Issues:
1. Extension of Corporate Insolvency Resolution Process (CIRP) period. 2. Pending applications for adjudication. 3. Consideration of interim orders and urgent need for extension. Extension of CIRP Period: The Tribunal, after hearing various counsels representing different parties involved in the case, acknowledged that the CIRP period was set to end soon. Due to multiple pending applications and the impact of interim orders issued by the Adjudicating Authority, it was deemed necessary to extend the CIRP period. The decision was influenced by the fact that the CIRP process had been stalled for approximately 160 days due to these interim orders. The Tribunal extended the CIRP period until 15.05.2018 to allow for the completion of pending applications and hearings. The Financial Creditors expressed willingness to consider Expression of Interest (EOI) submissions even after the original deadline, in case of a significant extension. Pending Applications for Adjudication: In the case at hand, several applications were pending for adjudication before the Tribunal. Given the volume and complexity of these pending applications, it was deemed impractical to address all of them within the existing CIRP period. Therefore, the Tribunal decided to extend the CIRP period to allow for a more thorough consideration of the pending applications. All parties involved agreed that advancing arguments for the final hearing of these applications would be most convenient on 15.05.2018, indicating a collective understanding of the need for additional time to address the pending matters effectively. Consideration of Interim Orders and Urgent Need for Extension: The Tribunal considered various interim orders issued in related cases, which had a significant impact on the progress of the CIRP process in the present case. Acknowledging the importance of these interim orders and the resulting delays in the proceedings, the Tribunal emphasized the urgent need to extend the CIRP period to accommodate the completion of pending applications and hearings. By citing relevant legal precedents and decisions, the Tribunal justified the extension of the CIRP period until 15.05.2018, ensuring a fair and comprehensive resolution of the pending matters. The Registry was directed to schedule all pending applications, including the extension order, for final hearing on the specified date.
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