9911796707
TMI Blog2020 (9) TMI 792X X X X Extracts X X X X X X X X Extracts X X X X ..... such the applicant will have another 7 days w.e.f. 07.02.2020, for completion of CIRP process of the Corporate Debtor. This exclusion is granted on having considered the steps already taken by the RP and the current stage of CIRP in the case of the present Corporate Debtor i.e., M/s. Indu Projects Limited. Application disposed off. - IA No. 126/2020 in CP (IB) No. 372/7/HDB/2018 - - - Dated:- 4-2-2020 - K. Anantha Padmanabha Swamy, Member (J) and Binod Kumar Sinha, Member (T) ORDER IA No. 126 of 2020 1. Present Application is filed under section 60(5) of the Insolvency and Bankruptcy Code, 2016, inter-alia, seeking to pass an order/direction in respect of excluding the period of 7 days from CIRP end date i.e., 06.02.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ys from already elapsed CIRP period of the Corporate Debtor. The Adjudicating Authority vide its order dated 26.11.2019 allowed the exclusion of 60 days from the CIRP period. 2.6 That the CoC in its 9th meeting held on 18.01.2020 have resolved with 86.27% votes in favor of the resolution that the RP is to file an Application bearing IA 92 of 2020 before this Adjudicating Authority seeking an exclusion of 9 days from the CIRP period considering various factors including vetting of Resolution Plan, negotiations with resolution applicants, voting on the plan, among others. 2.7 That the Applicant as authorized and approved by the members by 100% voting in the 9th meeting of CoC, filed an Application inter-alia seeking an exclusion of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Debtor. 3. Heard and perused the record. 4. It is observed that after the initiation of CIRP, IRP was appointed vide this Adjudicating Authority's order dated 25.02.2019. Subsequently, IRP was replaced and new RP was appointed vide this Adjudicating Authority's order dated 17.05.2019, which was confirmed by IBBI vide their letter dated 31.05.2019. 5. Hon'ble Supreme Court have held in Committee of Creditors of Essar Steel India Limited v. Satish Kumar Gupta Ors. in CA No. 8766-67 of 2019 as follows: 79.......Thus, while leaving the provision otherwise intact, we strike down the work 'mandatorily' as being manifestly arbitrary under Article 14 of the Constitution of India and as being an excessive and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a short time period is left for completion of CIRP and it would be in the interest of all stakeholders to allow the completion of CIRP rather than going for liquidation of the Corporate Debtor. Accordingly, we hereby approve to exclude a period of another 7 days from calculation of CIRP period which is ending on 06.02.2020. As such the applicant will have another 7 days w.e.f. 07.02.2020, for completion of CIRP process of the Corporate Debtor. 7. This exclusion is granted on having considered the steps already taken by the RP and the current stage of CIRP in the case of the present Corporate Debtor i.e., M/s. Indu Projects Limited. 8. Accordingly, this Application bearing IA No. 126 of 2020 stands disposed of. - - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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