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TMI Blog2020 (1) TMI 1336X X X X Extracts X X X X X X X X Extracts X X X X ..... Rule 11 of the NCLT Rules 2016, with a prayer for seeking an exclusion of certain period from Corporate Insolvency Resolution Process pursuant to the decision of Committee of Creditors. 2. The brief facts of the case are as under: - 2.1. M/s. Asset Reconstruction Company (India) Limited [Financial Creditor] had filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 [hereinafter referred as "IB Code"] for initiation of Corporate Insolvency Resolution Process (hereinafter referred as "CIRP") before this Bench of NCLT. This Adjudicating Authority admitted the application vide its Order dated 02.05.2019 in CP (I.B.) 157 of 2018 and appointed Mr. Divyesh Desai as Interim Resolution Professional (hereinafter refereed a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . RP filed an application under Section 12(2) of the IB Code for extension of time before this Adjudicating Authority and the same was allowed by this Adjudicating Authority vide its Order dated 21.11.2019. 2.6. It is stated by the applicant that 2 Resolution Plans were received viz., i) GP Global Energy Private Limited and ii) Panch Tatva Promoters Private Limited. Both these Resolution Applicants have exhaustively evaluated and revised their respective plans on several occasions. The same have also been discussed and negotiated in several CoC meetings. 2.7. It is stated by the applicant that in 14th CoC meeting held on 21.01.2020, both of these prospective Resolution Applicants were invited to discuss, negotiate and vote for the Resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nkruptcy would support development of credit markets and encourage entrepreneurship. It would also improve ease of doing business, and facilitate more investments leading to higher economic growth and development. 5. Looking to the very object of IB Code, CoC desires to get exclusion in the CIRP period as there is every likelihood that some Resolution Plan will be accepted and/or approved by the CoC. In that event, a Corporate Debtor will be saved from Liquidation and more so, livelihood of number of employees will also be saved as it is dependent on the Corporate Debtor. Further, Hon'ble Supreme Court in Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta and Ors. [Civil Appeal No. 8766-67 of 2019] observed that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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