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TMI Blog2019 (7) TMI 1710X X X X Extracts X X X X X X X X Extracts X X X X ..... eriod of 30 days can be excluded from counting total period of 270 days? - HELD THAT:- It is not in dispute that the Corporate Debtor is ongoing concerned and Profit-Making Company. While strictly adhering time limited stated under Section 12 of IBC for completing CIRP period, this Adjudicating Authority also cannot lose sight of the object of Insolvency and Bankruptcy Code to preserve assets of the Corporate Debtor from going in Liquidation. As far as possible Adjudicating Authority and all Stakeholders are required to make efforts to resolve the insolvency of the Corporate Debtor first and if not, then to pass order of liquidation. No prejudice will be caused against to anyone if further period of 30 days is allowed to exclude in coun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cy Resolution Process of the Corporate Debtor. As the Corporate Debtor committed default in paying Financial Debt ₹ 517,90,000,00/- (Rs. Five hundred Seventeen Crore Ninety Lakh Only) 2. Ld. Adjudicating Authority at Kolkata vide Order dated 06.07.2017 admitted the Corporate Debtor in CIRP. One Mr. K. G. Somani having Registration No. IBBI/IPA-001/IP-P00300/2017-18/10544 is appointed as Interim Resolution Professional and his appointed was confirm as the Resolution Professional. 3. CIRP period of 180 days completed on 01.1.2018 and extended period of 270 days also completed on 31.03.2019. It is seen from record that CoC did not receive any Resolution Plan for the Corporate Debtor. Order admitting the Corporate Debtor in CIRP was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isposed of the matter and all of them appear on 01.04.2019. It was submitted before this Adjudicating Authority that the CoC and the RP have received Eighteen Resolution Plans and all they were under consideration of CoC. The CoC and RP were directed to consider said plans within two weeks. 7. Meantime, the CoC filed two applications one IA No. 18/CTB/2019 for permitting to replace the RP and IA No. 19/CTB/2019 to exclude further period of 30 days from 270 days of CIRP period. 8. I heard Ld. Senior Counsel for the CoC, Ld. Senior Counsel for the Resolution Professional. Ld. Senior Counsel appearing for the workmen of the Corporate Debtor and all the Ld. Counsels appearing for other stakeholdeRs. 9. Hon'ble NCLAT, in case of San ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellate Tribunal or Order of Appellate Tribunal is reverse by the Supreme Court and CIRP is restored. (vi) Any other circumstances, which justifies exclusion of certain period, if further period is allow the total number of days cannot exceed 270 days which is maximum time limit period prescribed under the court. 12. It is not in dispute that in this case Corporate Debtor was admitted in CIRP by Order dated 06.07.2017. The appeal against that Order was pending in between 13.07.2017 to 8.01.2019 i.e. for period of 530 days approximately. Ld. Adjudicating Authority at Kolkata the Order dated 04.03.2019 excluded 45 days but did not assign any specific reason as to why only period of 45 days allowed to exclude. It could be because of exped ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - the act of the Court shall harm no man - is a maxim firmly rooted in our jurisprudence (see Jang Singh vs. Brijlal [1964] 2 S.C.R. 146 at page 149, and A.S Antulay v. R.S. Nayak, (1988) 2 SCC 602: [1988] Supp. 1 S.C.R. 1 at page 71). It is also true that the time taken by a Tribunal should not set at naught the time limits within which the Corporate Insolvency Resolution Process must take place. However, we cannot forget that the consequence of the chopper falling is corporate death. The only reasonable construction of the Code is the balance to be maintained between timely completion of Corporate Insolvency Resolution Process, and the Corporate Debtor otherwise being put into liquidation. We must not forget that the corporate debtor cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lways a matter concern of all stakeholders to as what will be outcome of the appeal and hence, they did not proceed with CIRP effectively. It is submitted that the members of CoC have received eighteen Resolutions Plans. So, in order to save the Corporate Debtor from going into Liquidation, I allow this application filed by CoC by permitting them to exclude period of 30 days more from counting total period of 270 days. 16. This is now takes may to consider other application filed by CoC for removal of the RP. Members of the CoC in its meeting dated 18.04.2019 decide to replace the RP Mr. K.G Somani by passing resolution by 100 % votes. Section 27(2) of the IBC allow CoC to replace the RP. 17. I heard the RP Mr. K.G. Somani, Ld. Senior ..... X X X X Extracts X X X X X X X X Extracts X X X X
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