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TMI Blog2019 (3) TMI 1660X X X X Extracts X X X X X X X X Extracts X X X X ..... on and there is no hope for getting any proposal in future, even after extension of time. It is pertinent to mention that 270 days, even after exclusion of 21 days, has expired on 6.1.2019 - in no circumstances statutory period for completion of CIRP can be extended beyond 270 days - There is no justifiable ground for exclusion of further period. 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 statutory period has been expired. Order of liquidation passed - moratorium declared. - MA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .11.2018 to 2.1.2019 49 3.1.2019 to 11.1.2018 8 TOTAL 103 Less: 21 days exclusion granted vide order dated 3.1.2019 ( 21) Total no of days to be excluded 82 4. The applicant has sought exclusion of 46 days, i.e. from 17.9.2018 to 2.11.2018 on the ground that on 12.11.2018, IBBI cancelled the registration of Mr. Martin S. K. Golla as Insolvency Professional for 10 years from the date of order. 5. It is pertinent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 approached the Appellate Authority. However, during argument, when it was enquired to the RP whether any resolution plan is under consideration, then it was informed by the RP that at present no plan is under consideration and there is no hope for getting any proposal in future, even after extension of time. It is pertinent to ment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 days. 12. Hon ble NCLAT in Quinn Logistics India Pvt Ltd vs Mack Soft Tech Pvt Ltd in Company Appeal No.185 of 2018 has laid down the following guidelines for exclusion of period: 9. From the decisions aforesaid, it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 statutory period has been expired. Therefore, unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I BENCH, MUMBAI f. Since 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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