9911796707
TMI Blog2020 (10) TMI 263X X X X Extracts X X X X X X X X Extracts X X X X ..... extended by CoC up to 13.01.2020. Further as stated by the Resolution Professional, the Special Audit period was also extended up to 28.02.2020. So these are justifiable grounds for excluding some period from the CIRP, since CoC could not complete the above tasks well within time. Thus, there are grounds to exclude 60 days from CIRP in the interest of justice. Application is allowed by excluding 60 days for the purpose of counting period of CIRP and thereby allowing Resolution Professional/CoC a further 60 days with effect from 02.02.2020 to complete the CIRP within the period allowed. - IA 124 of 2020 in C.P (IB) No. 192/7/HDB/2017 - - - Dated:- 5-2-2020 - Ratakonda Murali , Member ( J ) And Narender Kumar Bhola , Member ( T ) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or to 17.05.2019 there was no co-operation from the side of Corporate Debtor and it is only after orders passed in IA 409/2019 on 17.05.2019, the Corporate Debtor extended support / co-operation to the IRP. Likewise IA Nos. 367/2019 and IA No. 683/2019 filed by one of the Financial Creditors for holding early CoC meeting, were also pending adjudication before this Tribunal which were allowed on 07.08.2019. In this course, 14 days in the CIRP period were lost initially. (iii) The other ground cited for exclusion of time from CIRP is that Hon'ble NCLAT stayed the constitution of committee of creditors on 27.05.2019 in an Appeal filed by Suspended Director against the order passed in IA No. 409/2019. The stay was vacated on 03.07.2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... but for the reasons stated above. 5. The Resolution Professional thus urged this Tribunal to avail the period lost in litigations up to a maximum of 60 days out of the 79 days actually lost for completing the CIRP process by 01.04.2020 i.e. 60 days from 01.02.2020. 6. We have heard the Resolution Professional. This application is filed under section 12(2) of Insolvency Bankruptcy Code, 2016 seeking exclusion of CIRP period by another 60 days w.e.f. 01.02.2020. The Resolution Professional would contend that there was stay in constitution of Committee of Creditors in an appeal filed by Director (Suspended Board) of Corporate Debtor against the order passed by this Tribunal in IA 409/2019 and the same was vacated on 03.07.2019. As such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0. It is true that this Tribunal already granted 90 days extension of CIRP w.e.f. 03.11.2019 which expired on 01.02.2020. 11. Hon'ble NCLAT observed in the matter of Quinn Logistics India (P) Limited Vs Mack Soft Tech (P) Ltd, that Adjudicating Authority can exclude certain period from CIRP if facts and circumstances justify such exclusion in unforeseen circumstances. Hon'ble NCLAT has held that in the following cases, time can be excluded from the CIRP :- (a) If the Corporate Insolvency Resolution Process is stayed by a court of law or the Adjudicating Authority or the Appellate Tribunal or the Hon'ble Supreme Court. (b) If no Resolution Professional is functioning for one or other reason during the corporate inso ..... X X X X Extracts X X X X X X X X Extracts X X X X
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