9911796707
TMI Blog2019 (3) TMI 1660X X X X Extracts X X X X X X X X Extracts X X X X ..... on of period under section 60(5) (c) of IBC, 2016, read with Rule 14 and Rule 34 of NCLT Rules, 2016. 2. It is stated in the application that the Corporate Debtor is presently undergoing CIRP pursuance to the order dated 21.3.2018 passed by this Tribunal in CP No.1103 of 2017 whereby Mr. Martin S. K. Golla was appointed as RP of the Corporate Debtor. 3. The applicant has sought exclusion of 82 days from CIRP for a reason given in the application. RP has annexed the chart in para 7 of the application wherein details of the period for which exclusion sought is given. The details are as under: Dates during which exclusion is sought No of Days 17.9.2018 to 2.11.2018 46 14.11.2018 to 2.1.2019 49 3.1.2019 to 11.1.2018 8 TOTA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 019. Therefore, we have excluded the period, i.e. from 14.12.2018 to 3.1.2019, i.e. 21 days for computation of CIRP period, i.e. 270 days. 7. RP has stated that in view of the order dated 12.11.2018 passed by IBBI which was received on 14.11.2018, whereby registration of erstwhile RP Mr Martin S. K. Golla was cancelled and till the receipt of the order of appointing the applicant as RP, the entire period of 49 days was lost since no work was carried out by erstwhile RP despite order passed by this Tribunal. 8. We have passed a detailed order for exclusion of 21 days, i.e. from 14.12.2018 to 3.1.2019 for computation of statutory period for completion of CIRP, i.e. 270 days. If the applicant is aggrieved by this order, she should have app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gime, the corporate debtor could indefinitely continue to enjoy the protection given under Section 22 of Sick Industrial Companies Act, 1985 or under other such enactments which have now been forsaken". Para 64 of Hon'ble Supreme Court judgement has specifically held that "as regards the application by the Resolution Applicant for taking his revised resolution plan on record, the same is also devoid of merits inasmuch as it is not open to the Adjudicating Authority to entertain a revised resolution plan after the expiry of the statutory period of 270 days." 11. Thus, it is clear that given the law laid down by Hon'ble Supreme Court in K. Shashidhar, in no circumstances statutory period for completion of CIRP can be extended beyond 270 day ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solution Professional' to complete the corporate insolvency resolution process. (v) If the corporate insolvency resolution process is set aside by the Appellate Tribunal or order of the Appellate Tribunal is reversed by the Hon'ble Supreme Court, and corporate insolvency resolution process is restored. (vi) Any other circumstances, which justifies the exclusion of certain period." 13. The present case is not covered in those criteria. It is also important to point out that neither resolution plan is under consideration nor there is any possibility of any resolution shortly. Therefore, no question arises for granting further exclusion of any period for computation of 270 days, since no resolution plan is under consideration and the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce this liquidation order has been passed, subject to Section 52 of the Code, no suit or other legal proceedings shall be instituted by or against the Corporate Debtor, in the event of initiation of a suit or legal proceeding by the liquidator on the corporate debtor behalf, it may initiate such proceedings with prior approval of this Adjudicating Authority save and except as mentioned in sub-section 6 of Section 33 of the Code. g. This liquidation order shall be deemed to be notice of discharge to the officers, employees and workmen of the Corporate Debtor except to the extent of the business of the Corporate Debtor continuing during the liquidation process by the Liquidator. 14. Moratorium declared vide Order dated 21.3.2018 in CP No ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
