9911796707
TMI Blog2018 (2) TMI 2001X X X X Extracts X X X X X X X X Extracts X X X X ..... has not been rejected on the ground that the committee of creditors or resolution professional has not justified their performance during the 180 days. In such circumstances, it was duty on the part of the Adjudicating Authority to extend the period to find out whether a suitable resolution plan is to be approved instead of going for liquidation, which is the last recourse on failure of resolution process. It is declared that the 90 days of extended period be counted w.e.f. 16th January, 2018 i.e. the date on which the Adjudicating Authority passed order for extension of 90 days period. The period between 181st day and the date of passing of the order by the Adjudicating Authority i.e. 16th January, 2018 shall not be counted for any oth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , i.e. from 16th January, 2018 or from the 181st day. Therein the impugned order was passed. 3. Learned counsel appearing on behalf of the Appellants submits that the time taken by the Adjudicating Authority in deciding the application should not be counted for the purpose to counting the extended period as the Resolution Professional could not proceed after 180 days in absence of any order passed by the Adjudicating Authority. Similar plea has been taken up by the counsel appearing on behalf of the Respondent Resolution Professional. 4. Similar issue fell for consideration before this Appellate Tribunal in Quantum Limited (Corporate Debtor) vs Indus Finance Corporation Limited in CA(AT) (Insolvency) No. 35 of 2018 wherein the Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out whether a suitable resolution plan is to be approved instead of going for liquidation, which is the last recourse on failure of resolution process. 6. For the aforesaid reasons, we set aside the impugned order dated 18th December, 2017 and extend the period of resolution process for another 90 days to be counted from today. The period between 181st day and passing of this order shall not be counted for any purpose and is to be excluded for all purpose. Now the Adjudicating Authority will proceed in accordance with law. 5. The case of the appellants being covered by aforesaid decision we set aside the impugned order of clarification dated 25th January, 2018 and declare that the 90 days of extended period be counted w.e.f. 16th Jan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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