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TMI Blog2020 (9) TMI 550X X X X Extracts X X X X X X X X Extracts X X X X ..... ice, the instant IA i.e. IA No. 184/2020, filed for seeking urgent hearing of IA No. 185/2020 in CP (IB) No. 30/Chd/Pb/2017, is allowed. Thus, IA No. 184/2020 stands disposed of. IA No. 185/2020 3. The applicant in the instant IA is the successful Resolution Applicant in the matter of FM Hammerle Textiles Limited i.e. the corporate debtor. The resolution plan submitted by the applicant in the instant case was approved by the Committee of Creditors and thereafter, the same was approved by this Tribunal vide order dated 13.03.2020 (Annexure A-1) in CA No. 893/2019. 4. The successful Resolution Applicant filed the instant IA, seeking the following reliefs:- i.) To exclude the period of complete lockdown from the due date of first trench o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed Resolution plan the Monitoring Committee was constituted consisting of the successful Resolution Applicant, SBI and the Resolution Professional. Copy of order dated 13.03.2020 of this Hon'ble Tribunal is annexed herewith and marked as Annexure A-1. 3. That in order to implement the provisions of the Resolution plan, the Resolution Applicant was required to open an Escrow Account as well as to appoint an escrow trustee. In the First Meeting of the Monitoring Committee held on 18.03.2020, it was agreed that the Escrow Account shall be opened with Union Bank of India. The State Bank of India i.e. the erstwhile CoC member with 100% vote share and presently a member of the Monitoring Committee, vide its email dated 26.03.2020 suggested ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stodian Agreement could not be executed with Axis Trustee Services due to lockdown. In view of such exceptional circumstances beyond the control of the Applicant herein, it has become impossible to open up Escrow Account and during the complete lockdown in the entire country it become impossible for the resolution applicant to arrange the required funds as planned. Consequently, it became impossible for the applicant to make fresh trench of payments as per the approved Resolution Plan. 7. The Resolution Applicant also updated the monitoring committee, vide its email dated 12.04.2020. The monitoring committee considered representation of resolution Applicant in its meeting held on 27.04.2020 (through Video Conferencing) and resolved to app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 communicated to all subordinate Courts/Tribunals within their respective jurisdiction. Issue notice to all the Registrars General of the High Courts, returnable in four weeks." ii.) The Hon'ble National Company Law Appellate Tribunal in Suo Moto-Company Appeal (AT) (Insolvency) No. 01 of 2020. Vide order dated 30.03.2020, obse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Central Government and the State Governments including the period as may be extended either in whole or part of the country, where the registered office of the Corporate Debtor may be located, shall be excluded for the purpose of counting of the period for 'Resolution Process under Section 12 of the Insolvency and Bankruptcy Code, 2016, in all cases 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntral Government in the wake of Covid-19 outbreak shall not be counted for the purpose of computation of the timeline for any task that could not be completed due to such lockdown, in relation to any liquidation process." 9. Heard learned counsel for the applicant and learned counsel for respondent Nos.1 and 2. 10. In the circumstances and since the facts are not disputed by the respondents and in view of the orders of the Hon'ble Supreme Court of India and the National Company Law Appellate Tribunal and the new Regulations issued by the Insolvency and Bankruptcy Board of India, the entire lockdown period i.e. from the date of imposition of lockdown by the Government of India till the reopening of National Company Law Tribunal, Chandi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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