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TMI Blog2020 (12) TMI 1130X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Resolution Professional ('RP') on behalf of the Committee of Creditors seeking extension of time limit for completion of Insolvency Resolution Process of the Corporate Debtor. 2. That this Adjudicating Authority vide its order dated 15.11.2019 admitted the petition filed by the Corporate debtor Viz., Nithin Grains and Mills Private Limited for initiating Corporate Insolvency Resolution Process (CIRP) for itself due to its default in payment of a financial debt under Sec 10 of the IBC read with Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016 and has appointed Mr. Pavan Kankani as the Interim Resolution Professional (in short, "IRP"). Moratorium was declared from 15.11.2019, date of comme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solution Professional replacing the IRP, Mr. Pavan Kankani. But this Hon'ble Tribunal was pleased to dismiss the application filed (IA No. 31 of 2020 in CP (IB) 157/10/AMR/2019) by Bank of India, the sole member of CoC earlier, on 20.02.2020 seeking appointment of B. Naga Bhushan as the Resolution Professional, as the COC did not resolve to replace the IRP with the new Insolvency Professional as the RP, in its first meeting itself. Aggrieved by the said order, the Financial Creditor (BOI) Appealed against the (Impugned) Order and the Hon'ble Appellate Tribunal Authority was pleased to allow the appeal (Company Appeal (AT) (Ins) No. 501 of 2020) on 03.06.2020 for engagement of B. Naga Bhushan as the Resolution Professional replacing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;ble Prime Minister, in consultation with Ministry of Home Affairs and under the directions of National Disaster Management Authority(NDMA) Ordered Ministries/Departments of Government of India, State Governments and State Authorities to take measures for ensuring social distancing so as to prevent the spread of COVID-19 in the country by imposing national lockdown initially for 21 days i.e., w.e.f. March 25, 2020 till April 14, 2020 and extended the same from time to time as detailed in the below mentioned table. Lockdown From To No. of Applicable todays Lock down , 1.0 25.03.2020 14.04.2020 21 days Entire Nation Lockdown 2.0 15.04.2020 03.05.202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be located, shall be excluded for the purpose of counting of the period for Resolution Process under Sec 12 of IBC, 2016, in all cases where CIRP has been initiated and pending before any Bench of the NCLT or in Appeal before this Appellate Tribunal." In Tirupati lockdown was re imposed by the Government due to spiraling cases of Covid from July 20, 2020 till August 5, 2020. Hence this period of 17 days can also be reckoned for exclusion. The Registered Office of the Corporate Debtor is situated at Tirupati and the factory is in Chittoor dist. On considering the period between March 25,2020 and June 30,2020 and also the period from July 20,2020 till August 5,2020 as excluded i.e., a total of 115 days, the last date for CIRP falls on Sept ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded by the CoC with 100% voting power to once again issue Expression of Interest (Form G). The same was released on 17.08.2020 and the last date for receipt of application now stands at 01.09.2020. It was also agreed to in the meeting that the EOI received in response to the earlier Form G would also be considered now. 16. It is submitted that the CoC was informed that the process of evaluation of the Resolution plans takes some time which would take the time frame to a date beyond the present last date of CIRP period which is falling on 4th September 2020. 17. It is also submitted that after thorough deliberations, the CoC passed a resolution with 100% voting in favour of the resolution in its 5th meeting held on August 05, 2020, authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g majority as required under Sec 12(3) of IBC read with Regulation 40 of CIRP Regulations, 2016, it is humbly submitted that an extension of 90 days be permitted along with exclusion of 115 days on account of lockdown. 19. It is submitted that in view of the aforementioned facts and circumstances, the Hon'ble Adjudicating Authority may be pleased to extend the period of the Corporate Insolvency Resolution Process of the Corporate under Section 12(2) of the IBC 2016 by a further period of 90 days from the date of completion of 180th day i.e. from 4th September 2020 to 3rd December 2020. ORDER In view of the above, the extension of CIRP by 90 days is granted and the period of 98 days from March 25,2020 to June 30, 2020 is also consider ..... X X X X Extracts X X X X X X X X Extracts X X X X
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