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TMI Blog2021 (1) TMI 617X X X X Extracts X X X X X X X X Extracts X X X X ..... to direct the Committee of Creditors ("CoC") and Resolution Professional ("RP') to consider the Resolution Plan submitted by one M/s. Alkon Projects. 2. It is also prayed that period of 150 days wasted in confirming the appointment of an authorised representative of some of the Financial Creditors be excluded from counting total CIRP period they also prayed that pending hearing and final disposal of this application order of liquidation may not be passed and the RP may be directed to revive the CIRP of the Corporate Debtor afresh. 3. IA No. 116 of 2020 is filed by RP with some of the selfsame prayers that are made in LA. No. 114 of 2020. The RP further requested that period of 172 days wasted in appointing an authorised r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct. There were number of Home-Buyers and Plot Holders approached the IRP with their claims. Hence, the IRP thought it fit to appoint authorised representatives for the group of home buyers. Accordingly, he filed an application before this Adjudicating Authority as per Section 21(6A)(b) of the I. B. Code, 2016. That application was filed on 20.04.2019. This authority, vide order dated 19.10.2019 allowed that application and disposed of the same. 8. It is the say of the RP as well as the applicant in LA. No. 116 of 2020 that above period of six months the meetings of CoC could not be held for want of corum as prescribed under Regulation 22 of IBBI Regulations, 2016. On 03.01.2020, the RP filed application under Section 33(1) of the I.B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... through record, we found that there are numbers of Home-Buyers/Plot-Holders, whose claims are required to be Considered before passing any order relating to the Corporate Debtor. 13. In our considered opinion, if we pass order of liquidation of the Corporate Debtor, it may prejudicially affect the rights of such Horne-buyers. Some of them may render to be home-less despite paying some amount to the Corporate Debtor. Hence, we have taken for consideration these two applications, so that we can set right the CIRP of the Corporate Debtor. Moreover, the application for liquidation of the Corporate Debtor filed by RP has not been supported [confirmed final account and even 'by the resolution of the CoC. 14. In this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the RP and CoC to consider the plan pending before it in view of object of the Insolvency and Bankruptcy Code, 2016, i.e, "resolution first, and if not, the liquidation of the Corporate Debtor." 16. We take support of decision Hon'ble Supreme Court in the matter of Arcelormittal India Private Limited Vs. Satish Kumar Gupta & Ors. In Para no. 108 the Hon'ble Apex Court has held that: "108. Both these judgments have been followed in Neeraj Kumar Sainy v. State of Uttar Pradesh, (2017) 14 SCC 136 at paragraphs 29 and 32. Given the fact that the time taken in legal proceedings cannot possibly harm a litigant if the Tribunal itself cannot take up the litigant's case within the requisite period for no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al 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 thereof being attributable to the tardy process of the Adjudicating Authority and/or the Appellate Tribunal itself, it may be open in such cases for the Adjudicating Authority and/or Appellate Tribunal to extend time beyond 330 days. Likewise, eve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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