9911796707
TMI Blog2021 (7) TMI 1080X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 5 (14) of IBC, 2016, shows that the insolvency resolution process period means the period of one hundred and eighty days beginning from the insolvency commencement date and ending on one hundred and eightieth day - this period of 180 days may be extended under Section 12 of IBC, 2016. In view of the amended provision of Section 12 of IBC, 2016, the total period of insolvency resolution process can be of 330 days. Which means, the period so referred to in Section 5(14) of IBC, 2016 is subject to the extension made under Section 12 of IBC, 2016 or till when the Resolution Plan is approved by the Adjudicating Authority. Admittedly, the Resolution Plan has already been approved - the Resolution Plan has already been approved by the Adjud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts and circumstances of the present petition. 2. We have heard the Ld. Counsel for the applicant/Resolution Applicant as well as Respondent/GNIDA and perused the averments made in the application as well as reply filed to the application. 3. Ld. Counsel for applicant contended that the Resolution Plan has already been approved by this Adjudicating Authority vide order dated 20.02.2020 and in the Approved Resolution Plan, a provision has been made for repayment of the dues of GNIDA. As per information memorandum ₹ 9,77,43,339/- is the outstanding dues of GNIDA and in the approved Resolution Plan, the Resolution applicant has proposed to pay 10% of the aforesaid amount in 24 equal instalments. Accordingly, vide letter dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019 judgment dated 09.08.2019. iii. Decision of Hon'ble NCLAT in the matter of Nikhil Mehta and Sons Vs. AMR Infrastructure Ltd. in Company Appeal No. 7 of 2017. iv. Decision of Hon'ble Supreme Court in the matter of Swiss Ribbons Pvt. Ltd. Anr Vs. Union of India Ors. in Writ Petition (Civil) No. 99 of 2018 judgment dated 25.01.2019. v. Decision of Hon'ble NCLAT in the matter of Mr. Rajnish Jain Vs. Manoj Kumar Singh-IRP Ors. reported as Company Appeal (AT) (Insolvency) No. 519 of 2020 judgement dated 18.12.2020. 8. Ld. Counsel further contended that the action of IRP/RP/RA to change the status of GNIDA from financial creditor to operational creditor is to mislead the Tribunal. 9. He further contende ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ..... 2. ............. 3. ............. 4. ............. 5. Notwithstanding anything to the contrary contained in any other law for the time being in force, the National Company Law Tribunal shall have jurisdiction to entertain or dispose of- (a) any application or proceeding by or against the corporate debtor or corporate person; (b) any claim made by or against the corporate debtor or corporate person, including claims by or against any of its subsidiaries situated in India; and (c) any question of priorities or any question of law or facts, arising out of or in relation to the insolvency resolution or liquidation proceedings of the corporate debtor or corporate person under this Code. 6............ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... period of insolvency resolution process can be of 330 days. Which means, the period so referred to in Section 5(14) of IBC, 2016 is subject to the extension made under Section 12 of IBC, 2016 or till when the Resolution Plan is approved by the Adjudicating Authority. 21. Here in the case in hand, the Resolution Plan has already been approved by the Adjudicating Authority on 20.02.2020. Therefore, no insolvency proceeding is pending before the Adjudicating Authority. 22. Under such circumstances, in our considered view, Section 60 (5) of IBC, 2016 is applicable only if any insolvency resolution or liquidation proceedings of the corporate debtor or corporate person is pending before the Adjudicating Authority and in the instant case, i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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