9911796707
TMI Blog2018 (4) TMI 1809X X X X Extracts X X X X X X X X Extracts X X X X ..... claring moratorium in terms of Section 14 (1) of the Code. Mr. Navneet Gupta was appointed as the Interim Resolution Professional (IRP) with necessary directions by an order dated 08.05.2017. The IRP was later on confirmed as Resolution Professional (RP) by the Committee of Creditors. The period of 180 days as permitted for completion of the resolution process under Section 12(1) of the Code expired on 23.10.2017. The Resolution Professional applied for extension of the time in terms of Section 12(2) of the Code on the basis of the decision of the Committee of Creditors and by a detailed order dated 11.10.2017, the time was extended for another 90 days, which has since expired on 23.01.2018. 2. This application has been filed by the Resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h Court. The consent of the members of Committee of Creditors dated 08.01.2018 has been annexed with this application. On this ground the prayer is made for permitting the Applicant to continue to do his duties in view of the stay granted by the Hon'ble High Court. 6. It is stated that the corporate debtor is a going concern and a running unit with approximate Rs. 250.00 crores turnover. During the insolvency process the turnover of the company up to 31.12.2017 was Rs. 11.88 crores. The company has operating surplus during the operations and amount of Rs. 3.40 Crores was deposited in the fixed deposit during the resolution process. The company is also earning FDR interest of more than Rs. 2.79 lakhs. 7. The prayer made in the applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gistrar of Companies and loading the same on the website of Ministry of Corporate Affairs. The complaint for the sexual harassment is also pending against the applicant. Even the workers of hotel went on strike from 13.12.2017 to 19.12.2017 and the applicant filed complaint before the police on the ground of threat to his life and requested local police protection in the hotel premises. Various other instances have also been quoted which would not be relevant for disposal of this application. 10. Filing of the Writ Petition by the objector before the Hon'ble High Court is not a matter in dispute nor it is disputed that the Hon'ble High Court has granted the stay. It is however, stated that the applicant is trying to drag the resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... framed thereunder as to how to bear the expenses of the Resolution Process beyond the period of 270 days. 14. In the instant case two of the promoter-directors of the suspended Board of Directors of the corporate debtor have challenged the vires of amendment made in the Code debarring the promoter-directors from submitting the resolution plan and the Hon'ble High Court has directed the Tribunal not to pass final order in the matter. After the expiry of maximum period permitted for resolution plan, if no resolution plan is submitted for approval the only consequence is to pass the liquidation order. If there is a stay order passed by the Hon'ble High Court on 21.12.2017 a question may also arise whether the period during which the s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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