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TMI Blog2021 (2) TMI 90X X X X Extracts X X X X X X X X Extracts X X X X ..... rtha Banthiya, Mr. Vivek Raheja, Advocates for RP. ORDER (Through Virtual Mode) Application of Resolution Professional of Corporate Debtor- 'Trading Engineering (International) Limited' under Section 60(5) read with Section 12A of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short) seeking extension of time beyond 330 days came to be rejected in terms of the impugned order dated 23rd December, 2020 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Special Bench (Court-II). The impugned order is assailed by the Committee of Creditors (COC) primarily on the ground that though the timelines are to be respected but in terms of the dictum of the Hon'ble Apex Court in "Committee of Creditors of Essar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Debtor. Para 79 of the Judgment (Supra) is quoted below: "79...........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 fault of the litigant, a provision which mandatorily requires the CIRP to end by a certain date - without any exception thereto - may well be an excessive interference with a litigant's fundamental right to non-arbitrary treatment under Article 14 and an excessive, arbitrary and therefore unreasonable restriction on a litigant's fundamental right to carry on b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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, even under the newly added proviso to Section 12, if by reason of all the aforesaid factors the grace period of 90 days from the date of commencement of the Amending Act of 2019 is exceeded, there again a discretion can be exercised by the Adjudicating Authority and/or Appellate Tribunal to further extend time keeping the aforesaid parameters in mind. It is only in such exceptional cases ..... X X X X Extracts X X X X X X X X Extracts X X X X
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