9911796707
TMI Blog2021 (1) TMI 342X X X X Extracts X X X X X X X X Extracts X X X X ..... s CIRP to be completed within 330 days. Even though there is no question of another extension, however, by virtue of second proviso to Section 12 of the Code, the CIRP to be completed within 330 days from the insolvency commencement date after exclusion of lockdown period. So, a direction can be given to the Resolution Professional to complete the CIRP within 330 days which will be over by 19.08.2020 after excluding the lockdown period. The Resolution Professional is directed to complete the CIRP by 19.08.2020 relying on second proviso to Section 12 of the Code - application allowed. - IA No. 548 of 2020 in CP (IB) No. 357/7/HDB/2019 - - - Dated:- 7-8-2020 - Ratakonda Murali, Member (J) For the Appellant : Shyam Kapadia Fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... held on 04.09.2019, the CoC ratified appointment of Kakode Associates and Rakesh Narula Co. as valuers for determining the fair value and liquidation value of the assets of the Corporate Debtor, who filed their valuation reports on 14.02.2020 and 10.02.2020 respectively. 2.4 The Applicant herein caused publication of Expression of Interest (EOI) and Form-G as approved by the CoC on 06.09.2019 in Financial Express (English) and Namaste Telangana and Nav Bharat newspapers. 2.5 In the 3rd CoC meeting held on 04.10.2019, the CoC ratified the approval of extension of time for submission of Eol from 30.09.2019 to 07.10.2019. The modified Form-G was again published in Financial Express, Namaste Telangana and Nav Bharat on 02.10.2019. F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9, Eols from six prospective Resolution Applicants were received and accordingly Resolution Professional provided Evaluation Matrix and Information Memorandum to the prospective Resolution Applicants. 2.9 It is averred, on receipt of all relevant information from prospective resolution applicants, the Applicant issued a provisional list of eligible prospective resolution applicants on 31.10.2019 to the CoC. Out of six EOIs received, 05 resolution applicants are stated to have qualified. 2.10 It is stated, the objection raised by one of the prospective resolution applicants i.e Indus Udyog 8s Infrastructure Private Limited that their EOI was not considered, was placed before the CoC and after considering their objection, the COC re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ested the CoC /Resolution Professional to grant further time to submit the revised resolution plan. The same was submitted on 24.03.2020. 2.14 The Applicant states, the lockdown imposed owing to outbreak of Covid-19 pandemic by Central Government from 25.03.2020 to 29.05.2020 to be excluded for the purpose of timeline in relation to CIRP and relied on Regulation 40C of CIRP Regulations and Hon'ble NCLAT suo-moto Company Appeal (AT)(Insolvency) No. 1 of 2020 wherein direction was given that the period of lockdown ordered by the Central and State Governments, as may be extended in whole or part of India, where the registered office of the Corporate Debtor is located, will be excluded for the purpose of calculating the period of CIRP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he CoC but pending for receipt of some documents. It is submitted the extension sought for is in consonance with Hon'ble Supreme Court judgement dated 15.11.2019 in the matter of Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta and ORs. 2.18 The Applicant states that in the interest of justice as well as stakeholders of the Corporate Debtor, prayed this Tribunal to extend the CIRP period for 60 days and exclude the lockdown period for completing the CIRP within 330 days. 3. I heard the Resolution Professional and Counsel for Resolution Professional through video conference. This application is filed by Resolution Professional U/S 60(5) of the Insolvency and Bankruptcy Code, 2016 Read with Rule 11 of NC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt in the matter of Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta and ORs. The Learned Counsel contended, as per 2nd proviso to Section 12 of IBC, the CIRP to be mandatorily completed within 330 days including extensions. The Learned Counsel contended, CoC in its 7th CoC meeting held on 17.06.2020 passed a resolution for extension of CIRP by 60 days. Hence the application for extension of CIRP by another 60 days with effect from 19.06.2020. 7. The Adjudicating Authority already extended CIRP by 90 days as per Section 12 of the Code. It is true the lockdown period due to Covid-19 pandemic is allowed to be excluded from the CIRP. The lockdown started from 25.03.2020 and in the State of Telangana it was extended ..... X X X X Extracts X X X X X X X X Extracts X X X X
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