9911796707
TMI Blog2020 (11) TMI 670X X X X Extracts X X X X X X X X Extracts X X X X ..... 12(2) of the Insolvency and Bankruptcy Code, 2016, Read with Regulation 40C of Insolvency Resolution Process for Corporate Persons Regulations, 2016, inter-alia seeking the following relief(s): a) "Allow the instant application and grant exclusion of the period from 25.03.2020 to 30.06.2020 i.e. 97 days from the time period for completion of CIRP of the Corporate Debtor in accordance with Regulation 40-C; and b) Allow the instant application and to grant extension of time of 120 days from 01.07.2020 to 28.10.2020 for completion of CIRP of Corporate Debtor after excluding the period spent on adjudication of this application i.e. from the date of filing of this petition i.e. 14.07.2020 till passing of the orders" 2. The following are th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this application. 2.5 That the time period of 330 days was completed on 09.04.2020 during the lock down period. However, by virtue of amendment brought in by way of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020 which came into force on the 29th March, 2020 regulation section 40C was introduced regarding the Special provision relating to time-line. Accordingly, the Resolution Professional has sought exclusion of the time period of 97 days i.e. from 25-03-2020 till 30-06-2020 in terms of regulation 40C. 2.6 That currently APGENCO one of the Resolution Applicants along with Vedanta Limited which is a Government Entity is seriously interested to submit resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lier of Corporate Debtor of inspection of Equipments. 2.10 That Pendency of claim application filed by Abir Infrastructure Private Limited (Abir) against the Applicant seeking setting aside of RP's order dated 13.09.2019 for claim amount of Rs. 770 Crores which is yet to be decided by this adjudicating authority. 2.11 That in the 17th CoC meeting held on 29.06.2020, has approved the following resolution for seeking extension of 120 days with a majority of 81.11% of voting shares for completion of CIRP Period. "RESOLVED THAT the RP should file an application with NCLT seeking for extension of time for a period for four months " Reiterating the above, the counsel for the Applicant prayed to allow the instant Application. 3. Heard an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be completed within the outer limit of 330 days from the insolvency commencement date, including extensions and the time taken in legal proceedings. However, on the facts of a given case, if it can be shown to the Adjudicating Authority and/or Appellate Tribunal under the Code that only a short period is left for completion of the insolvency resolution process beyond 330 days, and that it would be in the interest of all stakeholders that the corporate debtor be put back on its feet instead of being sent into liquidation and that the time taken in legal proceedings is largely due to factors owing to which the fault cannot be ascribed to the litigants before the Adjudicating Authority and/or Appellate Tribunal, the delay or a large part there ..... X X X X Extracts X X X X X X X X Extracts X X X X
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