9911796707
TMI Blog2019 (10) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... ed. We are satisfied that the subject matter of the case is such that the CIRP cannot be completed within 180 days and we extend the period of CIRP by further 90 days from the date of expiry of 180 days computed from the date of admission of the petition under Section 9 of the Code. In the present case, we have granted extension of 90 days for completion of CIRP. Therefore, sufficient time is presently available for publishing form G, invitation of EOI and taking further steps for receipt of resolution plans and consideration of the resolution plans. The application for exclusion is therefore pre-mature and is not being examined presently and is not being presently acceded to. The RP should make determined efforts to ensure that the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unning CIRP pursuant to resolution passed by CoC with 79.2% voting share. Dates and events have been enumerated in Para 3 of the application for the purposes of seeking exclusion of time. It is inter alia stated that on 16.01.2019, the IRP filed application under Section 19(2) of the Code and that an application under Section 17 of the Code being CA No. 102/2019 was preferred on 19.03.2019 seeking directions to the Director, Town and Country Planning Haryana since the department was not co-operating/entertaining the RP. The RP has sought exclusion of 120 days computed till 15.05.2019 for the time lost in collating requisite record/information. It is further stated that as the CIRP is coming to an end on 11.06.2019, it is imperative in the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncy commencement date and despite best efforts, some of the timelines prescribed under the regulation were breached due to delay in appointment of RP and that apart, RP and his team was were not provided with the required information and application of non-co-operation was filed by the RP with the NCLT. It is stated that thereafter too, the information was received/obtained in staggered and piecemeal manner with no employee on the rolls on the CD and only a consultant appointed by erstwhile management providing limited information to enable the RP to prepare the Information Memorandum (IM). It is stated that with the IM now available, it is proposed to issue EOI as per the EOI process and with the time lines being pushed beyond the last dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... period of 270 days will come to an end on 11.05.2019 and vide order dated 13.05.2019, exclusion of period was allowed. In the present case, we have granted extension of 90 days for completion of CIRP. Therefore, sufficient time is presently available for publishing form G, invitation of EOI and taking further steps for receipt of resolution plans and consideration of the resolution plans. The application for exclusion is therefore pre-mature and is not being examined presently and is not being presently acceded to. The RP should make determined efforts to ensure that the CIRP is completed within the extended time and in case of inability beyond his control, the RP will be at liberty to file application for exclusion which will then be cons ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
