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2021 (3) TMI 1339 - Tri - Insolvency and BankruptcySeeking extension of further period of 60 days from CIRP - HELD THAT - It is noticed that COC has approved the extension. Since the CoC has approved the extension of 60 days beyond the period of 270 days, therefore, under Section 12 Sub-Section 3 of the IBC, the resolution of the C0C is approved and the period of CIRP is extended for further period of 60 days from the date of its expiry of 270 days - application disposed off. Non-payment of electricity dues - after the initiation of CIRP, the total dues of electricity has not been paid by the applicant since the initiation of CIRP - HELD THAT - The RP/Applicant is directed to pay ₹ 1,50,000 out of total outstanding dues of the electricity within one week from today. If the that amount is paid by the RP then respondent is directed to restore the electricity connection. List the matter on 30.04.2021. Prayer for exclusion of period of CIRP on the ground of lockdown imposed by the Central Government/State Government commencing from 15.03.2020 till 30.06. 2020 for the purpose of counting the period of CIRP - HELD THAT - The period on the ground of lockdown imposed by the Central Government/State Government extended from 25.03.2020 to 31.05.2020 or in some cases from 25.03.2020 to 30.06.2020. Therefore, in this matter, the period on account of lockdown imposed by the Central Government/State Government commencing from 25.03.2020 to 30.06.2020 i.e. total period of 98 days is excluded and further the extension of 90 days beyond the 180 days is approved, which was approved by the C0C by 96.4% votes, at page 37 of the paper book - application disposed off.
Issues:
1. Extension of the period of CIRP by 60 days. 2. Approval of extension and exclusion of period of CIRP due to lockdown. 3. Payment of outstanding electricity dues. 4. Dismissal of an application as infructuous. Extension of CIRP Period: In an application seeking an extension of the CIRP period by 60 days, the CoC had approved the extension. The Tribunal, after reviewing the application and the CoC resolution, noted the approval and extended the CIRP period by 60 days from the expiry of the initial 270 days under Section 12 Sub-Section 3 of the IBC. The Tribunal disposed of the application accordingly. Approval of Extension and Exclusion of CIRP Period Due to Lockdown: Another application requested the exclusion of the period of CIRP due to the lockdown imposed by the Central Government/State Government. The CoC had approved an extension of 90 days beyond the initial 180 days, with a 96.4% vote. The Tribunal, considering similar exclusions in other cases, excluded the period from 25.03.2020 to 30.06.2020, totaling 98 days, and approved the additional 90-day extension. The application was disposed of based on these decisions. Payment of Outstanding Electricity Dues: Regarding outstanding electricity dues, the respondent informed the Tribunal of unpaid dues totaling &8377;7,18,647 post-CIRP initiation. The RP cited insufficient funds as the reason for non-payment. The Tribunal directed the RP to pay &8377;1,50,000 within a week, with the condition that upon payment, the respondent must restore the electricity connection. The matter was listed for further review. Dismissal of Application as Infructuous: In a separate matter, an application was filed for the payment of expenses, but it was deemed infructuous as the original application had already been disposed of. Consequently, the Tribunal dismissed the application as infructuous. This judgment by the National Company Law Tribunal, New Delhi Court-V addressed various issues such as extending the CIRP period, approving extensions due to lockdown, addressing outstanding dues, and dismissing an application as infructuous. The Tribunal carefully considered the submissions, CoC resolutions, and relevant provisions of the IBC to make informed decisions on each issue presented before it.
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