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TMI Blog2019 (8) TMI 1583X X X X Extracts X X X X X X X X Extracts X X X X ..... t) And Santanu Kumar Mohapatra, Member (T) For the Appellant : Varun Gupta, Advocate ORDER M.M. Kumar, C.J. (President) 1. This is an application filed by the Resolution Professional under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the Code ) for issuance of directions for exclusion of certain time period from the Corporate Insolvency Resolution Process and further extending the time period of the process. 2. The facts in brief are that the financial creditor, BDR Builders and Developers Pvt. Ltd. had filed a petition bearing no. IB 461(PB)/2017 under Section 7 of the Code for initiation of Corporate Insolvency Resolution Process against the corporate debtor. The said application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0.04.2019: ORDER CA-656(PB)/2019 The application is wholly incomplete and lacks in material particulars. Such an application under Section 33(2) of the Code cannot be entertained. Accordingly, the same is dismissed with liberty to file a fresh one by furnishing detailed particulars as per the requirement of law. The application stands dismissed. 6. Subsequent to the above order the instant application was filed on 12.06.2019 under Section 60(5) of the Code seeking exclusion of certain time period and extending the time of the CIR process beyond 180 days. When the application came up for hearing on 14.06.2019, the Bench pointed out that the number of days sought to be excluded have not been mentioned and the application was di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 days by the NCLT in deserving cases. However, insolvency resolutions of all corporate persons may not entail the same level of complexity and some could be resolved earlier. 8. The facts noted in the preceding paras show that a period of more than 270 days has already expired on 20.12.2018. The CoC has already passed a resolution on 01.08.2018 for liquidation of the Corporate Debtor. Accordingly, we invoke the provisions of Section 33(1)(a) and pass an order liquidating the Corporate Debtor in the manner as laid down in Chapter III of the IBC. The Liquidator may proceed with the liquidation process in the manner as laid down in the Code. 9. The Resolution Professional has not submitted its written consent to be appointed as Liquidat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stigate the financial affairs of the Corporate Debtor in terms of the provisions of Section-35(l) of the Code read with relevant Rules Regulations. g. The liquidator shall also follow up the pending company applications and file its response for disposal of pending CAs during the process of liquidation. h. The Liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016. i. Copy of this order be sent to the financial creditors, corporate debtor and the Liquidator for taking necessary steps. j. C.A. 1151(PB)/2019 filed in IB 461(PB)/2017 is disposed of in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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