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TMI Blog2019 (10) TMI 1112X X X X Extracts X X X X X X X X Extracts X X X X ..... Committee of Creditors' would not consider the 'Resolution Plan' due to completion of the 'Corporate Insolvency Resolution Process' period of 270 days. At that stage, the 'Resolution Professional' of 'Frontier Lifeline Private Limited' filed application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short) for exclusion of 43 days from 29th April, 2019 to 10th June, 2019 on the basis of the decision of the 'Committee of Creditors'. 2. However, it was not allowed by the Adjudicating Authority (National Company Law Tribunal), Division Bench, Chennai, by impugned order dated 18th June, 2019 with following observations: "Therefore, we are of the view that it is a fit case for liquidation on two grounds- (i) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der dated 20th February, 2019, it was given effect from 29th January, 2019 thereby in fact 68 days of extension was granted. 6. It is submitted that further 22 days is excluded by extending the period from prospective date i.e. with effect from 20th February, 2019, the 'Committee of Creditors' would have taken a call for the 'Resolution Plan' submitted by the Appellant. 7. In the present case, the Appellant has not challenged the order dated 20th February, 2019 whereby 90 days' period was granted from retrospective date. In such circumstances, we are not inclined to deliberate on the issue whether the extension of 90 days from the retrospective date is right or wrong in absence of such challenge. Now 270 days is being over as per calcul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y within two years. Therefore, in "S.C. Sekaran v. Amit Gupta & Ors." (Supra), this Appellate Tribunal allowed 90 days' time to take steps under Section 230 of the Companies Act, 2013. In case, for any reason the liquidation process under Section 230 takes more time, it is open to the Adjudicating Authority (Tribunal) to extend the period if there is a chance of approval of arrangement of the scheme. 18. During proceeding under Section 230, if any, objection is raised, it is open to the Adjudicating Authority (National Company Law Tribunal) which has power to pass order under Section 230 to overrule the objections, if the arrangement and scheme is beneficial for revival of the 'Corporate Debtor' (Company). While passing such order, the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ke 'Financial Creditor' or 'Operational Creditor' approach the company through the liquidator for compromise or arrangement by making proposal of payment to all the creditor(s), the Liquidator on behalf of the company will move an application under Section 230 of the Companies Act, 2013 before the Adjudicating Authority i.e. National Company Law Tribunal, Chennai Bench, in terms of the observations as made in above. On failure, as observed above, steps should be taken for outright sale of the 'Corporate Debtor' so as to enable the employees to continue. 20. Both the appeals are disposed of with aforesaid observations and directions. No cost." 10. In view of such decision, we are of view that it is open to the Appellant to negotiate wit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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