9911796707
TMI Blog2020 (10) TMI 263X X X X Extracts X X X X X X X X Extracts X X X X ..... RP) in respect of M/s. Amrit Jal Ventures Pvt. Ltd/ Corporate Debtor by appointing Mr. T.V.L.Narasimha Rao as Interim Resolution Professional (IRP) who was subsequently confirmed as Resolution Professional. 2. This Interlocutory Application is filed by Resolution professional/ Applicant herein under Section U/s 12(2) and 60(5)(a) of Insolvency & Bankruptcy Code, 2016 r/w Regulation No. 40 of IBBI (CIRP) Regulations, 2016 and Rule 11 of NCLT Rules, 2016, praying for an order permitting the Applicant to avail the period lost in litigations for completing the CIRP process by 01.04.2020. The grounds stated in the Application in brief are as under:- (i) After assuming charge as IRP, the Applicant herein encountered several problems owing to n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or considering appointment after inviting profile of the prospective IPs from the members of CoC. The CoC convened 2nd CoC meeting as directed by this Tribunal on 07.08.2019 and IRP was confirmed as Resolution Professional by majority voting share. Thus, there was further loss of 28 days in the CIRP period in addition to the previous 51 days, aggregating to a total loss of 79 days. (v) M/s. K.S.Aiyar & CO. appointed to conduct Special Audit of the Corporate Debtor commenced their work during 3rd week of November, 2019 but could not complete the audit work and requested to extend the Special Audit Period up to 28.02.2020 owing to non-availability sufficient staff to assist them. (vi) At para 7 of the Application, the Resolution Professio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es It is the contention of Resolution Professional that a couple of Interlocutory Applications filed by Financial Creditors were pending before this Tribunal for adjudication which were filed for early conduct of CoC meeting, were disposed of on 07.08.2019. As such the time lost in this process was 14 days in the CIRP period. 8. The Resolution Professional would contend that a decision was not arrived at with regard to change of IRP in the 1st CoC meeting held on 16.07.2019 and indulgence of this Tribunal was sought by moving IA 644/2019 which was ultimately disposed of on 26.07.2019 directing the IRP to convene a CoC and accordingly in the 2nd CoC meeting the IRP was confirmed as Resolution Professional. The time lost in this process was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Professional to complete the CIRP. (e) If the CIRP is set aside by the Appellate Tribunal or order of the Appellate Tribunal is reversed by the Hon'ble Supreme Court and CIRP is restored. (f) Any other circumstances which justifies exclusion of certain period. 12. It is clear as per ground (f) above, the Adjudicating Authority can exclude a certain period for the purpose of counting total period of CIRP, if circumstances justify such exclusion. 13. Here is the case, where considerable time i.e. 79 days has been lost in the CIRP period due to reasons stated aforesaid. Necessarily some period is to be excluded from the CIRP, otherwise CoC cannot go ahead with the CIRP. Out of 79 days period lost in the CIRP, the Resolution Professio ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
