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TMI Blog2019 (11) TMI 1168X X X X Extracts X X X X X X X X Extracts X X X X ..... an, Judicial Member And Raghu Nayyar, Technical Member Nupoor Maharaj, Rajinder Sharma and Anubha Singh, Advs. for the Petitioner. Amal Vyas, Adv. for the Respondent. ORDER 1. This is an application filed on behalf of the Resolution Professional under Sections 12 and 60(5) of Insolvency and Bankruptcy Code, 2016 (IBC, 2016) read with Rules 11, 15, 32, 51 and 153 of the NCLT Rules, 2016 for exclusion of 105 days time period in the CIRP lost in the appointment of Resolution Professional and in the litigation due to non-cooperation by the suspended Board of Directors during Corporate Insolvency Resolution Process (CIRP) i.e. from 06.03.2019 to 06.06.2019. In view of the above, this application is fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The learned counsel for the applicant further submits that on 06.12.2018, the RP along with his team members visited the property of the Corporate Debtor situated at HTL 10, NIC (M), Neemrana, Distt. Alwar, Rajasthan to take control of the property and assets lying there, including the documents and books of account of the Corporate Debtor. He also visited the Registered Office of the Corporate Debtor to gather all information and documents. However, it was found that no records were maintained by the Corporate Debtor at the given address and the same was informed to the members of the suspended Board of Directors over phone and email by the RP. 5. Thereafter, the RP along with his team members visited the office of IRP at Jaipur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Corporate Debtor and 43 days delay in the appointment of the RP, the RP could only make delayed compliance and that too partial compliance under Sections 18, 25(2)(c), 25(2)(g), 25(2)(j) of the IBC, 2016 and Regulations 35A, 36 and 36A of the IBBI (Insolvency Resolution Process of Corporate Persons) Regulations, 2016. Subsequently, after the receipt of limited information in relation to books of account etc. the RP sent another email dated 06.01.2019 intimating the Corporate Debtor regarding the delay in Corporate Insolvency Resolution Process (CIRP) due to non-production of accounts with invoices of capital expenditure incurred by the Corporate Debtor. The RP further requested the Corporate Debtor to furnish the remaining informatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his Tribunal. The RP has stated many other reasons due to which there is a delay of 105 days in proceeding with CIRP and the delay of 105 days must be excluded from the CIRP. 10. The respondents i.e. the suspended Directors filed a reply and denied the contentions of the RP and contended that they are not responsible for any of the reasons for causing delay and the period sought for should not be excluded from the CIRP. 11. While the matter was being heard, this Tribunal on 14.06.2019 permitted the RP to file a detailed affidavit with the time line and number of days for exclusion and the corresponding reasons within one week with a copy in advance being served to the other side. Accordingly, the RP vide Diary No. 1396/201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... new amendment applies. However, he is seeking to enlarge the time so that the CIRP can be properly and successfully completed. 13. The RP has submitted the following Case Laws of the Hon'ble National Company Law Appellate Tribunal and National Company Law Tribunal other Benches as follows: - a. The judgment of the Hon'ble National Company Law Appellate Tribunal in Company Appeal (AT) (Insolvency) No. 35 of 2018 dated 20.02.2018 (Quantum Ltd. v. Indus Finance Corpn. Ltd.) b. The judgment of the Hon'ble National Company Law Appellate Tribunal in Company Appeal (AT) (Insolvency) No. 185 of 2018 dated 27.04.2018(Quinn logistics India (P.) Ltd. v. Mack Soft Tech (P.) Ltd. c. The judgment of the Hon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 days 2. From 01.12.2018 to 05.12.2018 wherein the RP was appointed vide order dated 30.11.2018 but the order was received on 05.12.2018 5 days 3. The RP has filed an application under Section 19(2) of the Code and the Corporate Debtor has filed and IA No. 136/2019 for quashing the expression of interest issued on 05.05.2019 alleging it is not as per Section 25(2)(h) of IBC, 2016 and the CoC based on mutual discussions held and as per the observations made by this Tribunal on 04.07.2019 has deliberated and approved for making amendment in the EoI and recirculated the same in terms of resolution passed on 16.07.2019 and p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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