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TMI Blog2019 (11) TMI 902X X X X Extracts X X X X X X X X Extracts X X X X ..... imited' (one of the 'Financial Creditor' and member of the 'Committee of Creditors') filed I.A. No. 266 of 2019 before the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad for exclusion of 135 days period from 27th August, 2018 to 8th January, 2019 and in addition to the period of 147 days starting from 9th November, 2018 to 4th April, 2019 from the 'Corporate Insolvency Resolution Process' of the 'M/s Bheema Cements Ltd.' (Corporate Debtor). Before the Adjudicating Authority, the Appellant submitted that from 27th August, 2018 to 8th January, 2019 the matter remained pending for renewal of mining lease, which is the main asset of the 'Corporate Debtor'. In addition to it the period from 9th November, 2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vernment of Telangana. It is true that the Mining Leases are the assets of the 'Corporate Debtor' and 'Information-Memorandum' should have been reflected the assets. It is informed that the aforesaid asset was reflected in the 'Information-Memorandum' but in view of the fact that the Mining Leases were not responsible to have renewed at the end of 180 days. However, we find because of the fact that it was renewed at the time of end of 180 days i.e. on 8th January, 2019, the Adjudicating Authority allowed further 90 days on 10th January, 2019 for completion of the process. Even during the extended period of 90 days, there was nothing to suggest that 'Committee of Creditors' took any step for calling of fresh resolution plan, though it was op ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere will be objections by some of the creditors or members who may not allow the Tribunal to pass appropriate order under Section 230 of the Companies Act, 2013. 17. Normally, the total period for liquidation is to be completed preferably 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 Au ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he liquidator is required to act in terms of the aforesaid directions of the Appellate Tribunal and take steps under Section 230 of the Companies Act. If the members or the 'Corporate Debtor' or the 'creditors' or a class of creditors like '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 Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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