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TMI Blog2018 (4) TMI 1819X X X X Extracts X X X X X X X X Extracts X X X X ..... sary orders/ clarifications that the interim period of 55 days consumed during pendency of the MA (D) No. 873 of 2018 filed by Suraksha Asset Reconstruction Pvt. Ltd. from the date of oral directions given by the Hon'ble Court on 22.01.2018 for not conducting the Meeting of Committee of Creditors till passing of final order dated 19th March 2018, be excluded from 90 days in view of order dated 24.01.2018 passed by this Hon'ble Tribunal. 2. The Resolution Professional filed this IA U/s 12(2) of the I &B Code 2016, seeking clarification of order dated 24/01/2018. The Tribunal vide order dated 24th July 2017 admitted the petition filed by Union Bank of India, Financial Creditor U/s 7 of 1& B Code 2016. The Hon'ble Tribunal vide or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Bank of India suggested RP to file an application with NCLT to get a further extension of CIRP period as the COC has lost interim period 55days due to the proceedings filed by Suraksha ARC. The COC has Resolved that "Resolution Professional is authorised to make an application to NCLT for the extension of CIRP period beyond 270 days". 5. The Learned Senior Advocate also relied upon the order of the Hon'ble NCLAT in Company Appeal No 41/2018 decided in the matter of Amit Basia & Anr. Vs Anant Overseas Ltd & Anr. Wherein another order is referred to and relevant portion is reproduced below. " 4. Similar issue fell for consideration before this Appellate Tribunal in 'Quantum Limited (Corporate Debtor)' Vs 'Indus Finance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... udication Authority will proceed in accordance with law. 5.The case of the appellants being covered by aforesaid decision we set aside the impugned order of clarification dated 25th January, 2018 and declare that the 90 days of extended period be counted w.e.f Idh January, 2018 i.e. the date on which the Adjudicating Authority passed order for extension of 90 days period. The period between 181st day and the date of passing of the order by the Adjudicating Authority i.e. 16th January, 2018 shall not be counted for any other purpose and is to be excluded for counting the extended period. The appeal is allowed with aforesaid observations. No costs. 6. During the arguments the Senior Advocate also emphasized that the applicant is not seekin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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