9911796707
TMI Blog2019 (9) TMI 1252X X X X Extracts X X X X X X X X Extracts X X X X ..... rge for completing the CIRP to count the total period of 270 days. The applicant has stated that the Adjudicating Authority, vide its order dated 30.8.2018 admitted CP(IB) 1767/2017 filed under Section 7 of IBC, 2016 against the Corporate Debtor and Shri Rajendra K Bhuta was appointed as IRP. The IRP made a public announcement as contemplated under the provisions of Section 15 of the Code and called for claims from the creditors. The applicant has stated that the said announcement was published in Indian Express and Dainik Anand Nagri on 13.9.2018 and the last date of submission of claims was 26.9.2018. The IRP convened the first CoC meeting on 15.10.2018 wherein CoC members resolved that IRP will apply with this Tribunal to seek posses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n considering that the RP so proposed is not in a position to discharge his duties efficiently due to his ongoing assignments. It is further submitted that in the 3rdCoC which was convened on 19.12.2018, Suspended Board of Directors Mr AbhijitDeshmukh attended the meeting and reluctantly agreed to co-operate with the Interim Resolution Professional. The CoC unanimously reconsidered the appointment of proposed RP Mr Ramchandra D. Choudhary, as directed by this Tribunal, vide order dated 28.11.2018 and decided to continue with the RP so proposed for change from IRP to RP in the ongoing Insolvency Resolution process. It is further submitted by the applicant that in the 4th CoC convened on 16.1.2019, the IRP placed his resignation before th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the 6thCoC meeting which was convened on 15.3.2019, the applicant informed the members of CoC that he had not received EOI till the last date of receipt of EOI, i.e. 4.3.2019. It is further stated by the applicant that the suspended directors of the Corporate Debtor were not able to keep up their promises due to which the RP was at risk of professional duty failure. It is further stated that CA Yuvraj Deshmukh continuously failed to provide information as promised, which was last expected by 5.2.2019. The application has given the details of the work done by him during CIRP on which he has claimed exclusion of 145 days period, i.e. from 30.8.2018 to 23.1.2019. It is pertinent to mention that Hon'ble NCLAT in Quinn Logistics India ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... days cannot exceed 270 days, which is the maximum time limit prescribed under the Code. From the guidelines gives by the Hon'ble NCLAT, it is clear that if no Resolution Professional is functioning for one reason or the other reason during CIRP, such as removal, then this period can be excluded. Hon'ble NCLAT has further directed that if the CIRP is stayed by Court of Law, then also this period can be excluded. Further NCLAT has also emphasized that period between the date of order of admission and actual date on which the RP takes charge for completing the CIRP can also be excluded for completion of the statutory period of 270 days. However, in this particular case, the exclusion has been sought from the date of order of admission and ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
