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TMI Blog2021 (3) TMI 1063X X X X Extracts X X X X X X X X Extracts X X X X ..... he Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench, Hyderabad) to take up the application filed by the Appellant/Applicant seeking extension of 60 days for completion of CIRP pending on its file, on the next date of hearing, i.e. on 23.4.2021 and to dispose of the same on merits by passing a reasoned order , ofcourse, in a fair, Just and dispassionate manner in accordance with Law and in the manner known to Law, at an early date - application disposed off. - Company Appeal (AT) (CH) (Insolvency)No. 15 of 2021 - - - Dated:- 24-3-2021 - [ Justice Venugopal M ] Member ( Judicial ) And [ V. P. Singh ] Member ( Technical ) For Appellant : Mr. Sumant Batra , Advocate JUDGEMENT ( VIRTUAL MODE ) Venugopal M. J Preface The Appellant/Applicant/Resolution Professional has projected the instant Appeal being dissatisfied with the order dated 8.1.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench, Hyderabad) in IA No.1079 of 2020 in CP(IB)No.184/7/HDB/2019. 2. The Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench, Hyderabad) while passing the Impugned Order dated 8.1.2021 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g extension of time period to complete CIRP of the Corporate Debtor from 270 to 330 days. 5. The Learned Counsel for the Appellant brings to the notice of this Tribunal that the Adjudicating Authority ((National Company Law Tribunal, Hyderabad Bench, Hyderabad) while passing the order in IA No.1079 of 2020 in CP(IB)No.184/7/HDB/2019 had allowed the 330 days Extension Application and inter alia, granted the Appellant an extension of 60 days from 270 to 330 days to conclude the CIRP of the Corporate Debtor . 6. The grievance of the Learned Counsel for the Appellant is that in the Impugned Order that Adjudicating Authority had erroneously noted that in the event of CIRP of the Corporate Debtor was not completed within the 330 days period, the Liquidation Proceedings against the Corporate Debtor would commence and this observation of the Adjudicating Authority in the Impugned Order deprive the Appellant of his/its right to seek an extension beyond the period of 330 days as per the dictum by the Hon ble Supreme Court laid down in the decision in Committee of Creditors of Essar Steel India Limited V Satish Kumar Gupta Ors., (Judgement in Civil Appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 that time can be extended, the general rule being that 330 days is the outer limit within which resolution of the stressed assets of the corporate debtor must take place beyond which the corporate debtor is to be driven into liquidation . 9. The Learned Counsel for the Appellant comes out with an argument that CIRP of the Corporate Debtor may be extended beyond a period of 330 days in exceptional circumstances to be demonstrated before the Adjudicating Authority / Tribunal at the appropriate stage. To lend support to this contention, the Learned Counsel for the Appellant refers to the judgement of this Tribunal in Ritu Rastogi v. Riyal Packers, Company Appeal(AT)(Insolvency) No.482 of 2020, whereby and whereunder, it is observed as follows: This is a fit case for exercising the jurisdiction by this Appellate Tribunal being an exceptional case to depart from the general rule of 330 days being outer limit prescribed under the law for completion of the corporate insolvency resolution process ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Hon ble Supreme Court in the matter of Committee of Creditors of Essar Steels India Pvt.Ltd. V Satish Gupta reported in (2020) 8 SCC at Pg.531, this Tribunal comes to a resultant conclusion that ordinarily the time taken pertaining to the Corporate Insolvency Resolution Process of the Corporate Debtor must be completed within a period of 330 days from the date of commencement of Insolvency (including the extension and time consumed in legal proceedings). However, the exercise of power by the Adjudicating Authority to extend the time period in negation of statutory provision of the Insolvency Bankruptcy Code, 2016 may be desirable in an exceptional/extraordinary Circumstances of a given case by exercising sound Judicial discretion with a view to find a suitable Resolution Plan to prevent an aberration of justice. 16. Be that as it may, in the present case, even though the Adjudicating Authority) (National Company Law Tribunal, Hyderabad Bench, Hyderabad) in the Impugned Order dated 08.01.2021 in IA No No.1079 of 2020 in C.P.(IB) No.184/7/HDB/2019, at Paragraph 7, had observed that Since, the CIRP period of 180 days has already been extended by another 90 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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