9911796707
TMI Blog2021 (3) TMI 25X X X X Extracts X X X X X X X X Extracts X X X X ..... Further, the period of CIRP during the promulgation of lockdown needs to be exempted (excluded) pursuant to the notification of Central Govt. read with new amendment which took place in the Regulation of the IBBI and also by following the decision of the Hon ble NCLAT passed in suo-moto Company Appeal (AT) (Insolvency) No. 01 of 2020 dated 30.03.2020. Hence, such period is excluded - It is also a settled legal position that the period consumed in filing of the present application till its disposal can be exempted for counting of the CIRP period. The period of pendency of the present application from the date of its filing 02.07.2020 till 25.02.2021 its disposal is hereby exempted for counting of the CIRP - application allowed. - I.A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as Resolution Professional (RP) by the members of the Committee of Creditors (CoC). 3. As it is stated that the CIRP in respect of the present Corporate Debtor has commenced w.e.f. 19.12.2019, therefore, the period of 180 days prescribed for CIRP of the present Corporate Debtor came to be over on 16.06.2020, during the lockdown period. Hence, the present IA before this bench was filed before this bench on 07.08.2020. The Applicant has sought prayer for exclusion of the CIRP period of the Corporate Debtor consumed during the Lock Down (as promulgated by the Central Government) and which still operates as various phase of unlock 1 onward. Hench such period needs to be excluded/exempted for counting purpose of the CIRP of the corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut due to Nationwide Lockdown from 23.03.2020 onwards, the members of CoC could not explore the option in terms of Resolution Plan for the Corporate Debtor. 6. The applicant further contended that due to Pandemic Situation of Covid-19 the lockdown was promulgated by the Government. The applicant in the present application also referred to a decision of Hon ble NCLAT whereby the Appellate Tribunal has pleased to issue such direction for exclusion of period of Lockdown announced by the Central Government, State Government for the purpose of calculation of the period of Corporate Insolvency Resolution Process. 7. For the sake of convenience the relevant portion of the Hon ble NCLAT decision dated 30.03.2020 is being reproduced herein bel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 19.06.2020, wherein it was unanimously resolved by directing the RP to move present application before this Bench seeking exclusion of in the CIRP period by 95 days and accordingly this application was filed. 12. We have gone through contents of present application and perused the material available on record, we duly considered the reasons shown by the RP in respect of the present application in the main grounds seeking exclusion of certain days from counting of CIRP period, which are self-explanatory i.e. because of Nationwide Lockdown RP could not explore option in terms of resolution plan for the Corporate Debtor. 13. By taking into consideration the above stated facts of the case. It seems that RP as well as the CoC have take ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the Adjudicating Authority to exclude the period the appeal was pending before this Appellate Tribunal i.e. from 26th April, 2018 till today (7th September, 2018) for the purpose of counting the total period of 270 days. The impugned order dated 19th April, 2018 passed by the Adjudicating Authority so far as it relates to eligibility of Numetal Ltd. as on the date of the submission of the Resolution Plan dated 29th March, 2018 is set aside. The impugned judgment/order in respect to AM India Ltd. is affirmed with conditions as mentioned in the preceding paragraphs. All the appeals are disposed of with aforesaid observations and directions. The parties will bear their respective cost. Further their lordship of Hon ble Supreme Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... If there is a resolution applicant who can continue to run the corporate debtor as a going concern, every effort must be made to try and see that this is made possible.3 A reasonable and balanced construction of this statute would therefore lead to the result that, where a resolution plan is upheld by the Appellate Authority, either by way of allowing or dismissing an appeal before it, the period of time taken in litigation ought to be excluded. This is not to say that the NCLT and NCLAT will be tardy in decision making. This is only to say that in the event of the NCLT, or the NCLAT, or this Court taking time to decide an application beyond the period of 270 days, the time taken in legal proceedings to decide the matter cannot possibly be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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