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TMI Blog2020 (9) TMI 513X X X X Extracts X X X X X X X X Extracts X X X X ..... s Kerawalla i/b Vesta Legal For the Resolution Professional: Ms. Prapti Kedia i/b Rushabh Thacker For the Financial Creditor: Mr. Rohit Gupta & Ms. Amrita Dubey i/b Indus law ORDER Per: V. Nallasenapathy, Member (Technical) This is an Application filed by the Successful Resolution Applicant of the Corporate Debtor M/s Maruti Cotex Ltd. seeking the following reliefs: - a. That this Hon'ble Tribunal be pleased to allow the speaking to the minutes/rectification of the Order, to reflect the amount apportioned towards the dues of the Operational Creditors i.e. Rs. 50,00,000/- (Rupees Fifty Lakh only) against the total liability of the Operational Creditors i.e. Rs. 87,03,60,530/- (Rupees Eighty Seven Crore Three Lakh Sixty Thousand Five ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y that total liability of the Operational Creditors is Rs. 87,03,60,530/- (Rupees Eighty Seven Crores Three Lakhs Sixty Thousand Five Hundred and Thirty) as sought for by the Applicant. Hence the prayer "a" is rejected. 4. The counsel for the Applicant submitted that this Bench has approved the Resolution Plan on 2nd July 2020 and the Applicant is trying to arrange funds from HDFC Bank. However due to Covid-19 Pandemic, declared on 25/03/2020, there is difficulty in disbursement of the loan by the HDFC Bank and hence filed this Application seeking 90 days' time to bring in money as stated in the Resolution Plan. 5. The Applicant submitted that the lockdown was on account of Covid-19 Pandemic and as per the guidelines issued by the Governm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e that lawyers/litigants do not have to come physically to file such proceedings in respective Courts/Tribunals across the country including this Court, it is hereby ordered that a period of limitation in all such proceedings, irrespective of the limitation prescribed under the general law or Special Laws whether condonable or not shall stand extended w.e.f. 15th March, 2020 till further order/s to be passed by this Court in present proceedings. We are exercising this power under Article 142 read with Article 141 of the Constitution of India and declare that this order is a binding order within the meaning of Article 141 on all Courts/Tribunals and authorities. This order may be brought to the notice of all High Courts for being communica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es where "Corporate Insolvency Resolution Process" has been initiated and pending before any Bench of the National Company Law Tribunal or in Appeal before this Appellate Tribunal. (2) It is further ordered that any interim order/stay order passed by this Appellate Tribunal in anyone or the other Appeal under Insolvency and Bankruptcy Code, 2016 shall continue till next date of hearing which may be modified later." 8. The Applicant further submits that the Insolvency and Bankruptcy Board of India inserted Regulation 40(C) to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, vide notification dated 29th March, 2020 and the same is as under:- "40C. Special provision rela ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the pandemic situation was in existence and no request was made for extension at the time itself. c) The respondents submits that this Bench may direct the Applicant to expedite the payment as agreed in the Resolution Plan and seeks for dismissal of this Application. 11. This Bench has noticed that the Applicant has already brought in substantial amount for implementing the Resolution Plan as approved by this Bench. Even though the lenders of the Resolution Applicant have already given in-principle sanction for the loan to be availed by the Applicant, there is some delay in disbursement due to the situation arising out of Covid-19 Pandemic prevailing worldwide. 12. We are of the view that the prevailing situation is an unprecedented and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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