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TMI Blog2020 (9) TMI 792X X X X Extracts X X X X X X X X Extracts X X X X ..... are as hereunder: 2.1 That this Adjudicating Authority admitted the Application filed under section 7 of the IBC, 2016 vide its order dated 25.02.2019 in CP (IB) No. 372/7/HDB/2018 and appointed Mr. Gopikrishna Byadigera as IRP 2.2 That the appointment of the erstwhile IRP Mr. Gopikrishna Byadigera was approved by this Adjudicating Authority on 05.03.2019 i.e., 8 days post the admission of Application. 2.3 That this Adjudicating Authority vide its order dated 17.05.2019 under section 22(4) has directed the registry to forward the name of the proposed RP for confirmation by the Board. This Adjudicating Authority has received a letter dated 31.05.2019 confirming the appointment of proposed RP from the Board. 2.4 That the Adjudicating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xclusion of 8 days from the CIRP period. 2.8 That the CoC members had to take approval from their respective committees to approve the Resolution Plan of the H1 Bidder namely Shyamaraju and Company (India) Private Limited, Resolution Applicant for Indu Projects Ltd, the Corporate Debtor. In this regard CoC Members have put up to their committees for deliberation and decision on the resolution plan. It is submitted that E-voting lines for deliberation on the Resolution Plan was opened as on Saturday, 25th January, 2020 at 4.00 pm and is slated to end on 04.02.2020 at 4.00 pm. In the meanwhile, on account of loss of two working days due to All India Bank strike (i.e., 31.01.2020 and 01.02.2020) coupled with few holidays in between, respecti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rdinarily the time taken in relation to the corporate resolution process of the corporate debtor must be completed within the outer limit of 330 days from the insolvency commencement date, including extensions and the time taken in legal proceedings. However, on the facts of a given case, if it can be shown to the Adjudicating Authority and/or Appellate Tribunal under the Code that only a short period is left for completion of the insolvency resolution process beyond 330 days, and that it would be in the interest of all stakeholders that the corporate debtor be put back on its feet instead of being sent into liquidation and that the time taken in legal proceedings is largely due to factors owing to which the fault cannot be ascribed to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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