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2021 (3) TMI 1287 - Tri - Insolvency and BankruptcySeeking exclusion of period of 52 days from the 60 days extension provided in the CIRP period over and above the period of 270 days - HELD THAT - Since, there is now a Resolution Plan for the CoC to deliberate and decide upon, we allow the present I.A. No. 259/KB/2021 and exclude the period of 52 days from the 60 days period of extension granted vide order dated 12/02/2020 in I.A. No. 1463/KB/2020. Application disposed off.
Issues:
1. Delay in submission of Resolution Plan by the applicant. 2. Exclusion of a period from the extension granted in the CIRP period. 3. Application for liquidation of the Corporate Debtor. 4. Notice issuance to respondents for further consideration. Issue 1: Delay in submission of Resolution Plan by the applicant In the case of I.A. No. 197/KB/2021, the applicant, C P Ispat Private Limited, filed an application against the Resolution Professional (RP) seeking direction to accept the Resolution Plan submitted after the deadline. The Resolution Plan was submitted after the specified date due to various reasons. The Committee of Creditors (CoC) had recommended liquidation of the Corporate Debtor in a meeting held earlier. However, considering the objective of maximizing the Corporate Debtor and as liquidation is a last resort, the delay of 43 days in submitting the Resolution Plan was condoned. The Resolution Plan was directed to be placed before the CoC for consideration within a specified timeline. Issue 2: Exclusion of a period from the extension granted in the CIRP period In I.A. No. 259/KB/2021, the RP, Mr. Bijay Murmuria, sought exclusion of a period from the extension granted in the Corporate Insolvency Resolution Process (CIRP) period. The application requested the exclusion of 52 days from the 60 days extension provided in the CIRP period. As a Resolution Plan was available for the CoC to deliberate upon, the period of 52 days was excluded from the extension granted. The application was allowed, and the period was adjusted accordingly. Issue 3: Application for liquidation of the Corporate Debtor I.A. No. 274/KB/2021 was an application filed by the RP seeking liquidation of the Corporate Debtor. However, as per the direction given in I.A. No. 197/KB/2021 to consider the Resolution Plan submitted by the applicant, the liquidation application was deemed premature at that stage. Therefore, the RP sought permission to withdraw the application for liquidation, which was granted, and the application was disposed of accordingly. Issue 4: Notice issuance to respondents for further consideration In I.A. No. 287/KB/2021 & I.A. No. 52/KB/2021, the Registry was directed to issue notices to the respondents. The respondents were given three weeks to file a reply, and a copy of the reply was to be served on the Ld. Counsel of the Operational Creditor. The applications were listed for further consideration on a specified date. The judgment provided directions on each issue, ensuring compliance with the legal procedures and timelines while balancing the interests of all parties involved in the insolvency resolution process.
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