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TMI Blog2021 (8) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 12A of the Code. The primary objective of the Code is to resolve insolvency of a Corporate Debtor so as to allow it to continue as a going concern. Since as per the averments of the Applicant, the resolution of the Corporate Debtor is imminent, the RP is allowed to complete the CIRP process on or before 24.08.2021, failing which, the RP should submit an application under Section 33 of the Code. Application disposed of. - IA 306 of 2021 in C.P. (IB) No. 220/7/HDB/2019 - - - Dated:- 8-7-2021 - M.B. Gosavi, Member (J) And Dr. Binod Kumar Sinha, Member (T) For Applicant: Y. Suryanarayana, Advocate ORDER 1. The present Interlocutory Application IA No. 306 of 2021 is filed on behalf of Mr. Sisir Kumar Appikatla/App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 717/2020 seeking directions to the COC to accept the compromise proposal submitted by him and another IA No. 799/2020 on 17.09.2020 praying for directions to the RP riot to issue Expression of Interest (EOI) inviting Resolution Hans. The Adjudicating Authority during the hearings on 18.09.2020 directed the RP not to issue EOI in a hasty manner as the compromise proposal submitted by the Suspended Promoters of the Corporate Debtor was under active consideration by the members of the COC. v. It is averred that Mr. K. Suryanarayana, Suspend ed Director of the Corporate Debtor has filed a Writ Petition No. 20376 of 2020 before the Hon'ble High Court, Hyderabad under Article 226 of the Constitution of India praying; to issue a Writ, Or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s the Interim Order of the Hon'ble High Court of Telangana is in force. As a result, the CIRP process of the Corporate Debtor could not proceed further. vii. It is averred that the Applicant had filed an Application for exclusion of period of 166 days i.e. from 17.09.2020 to 01.03.2021 from the computation of CIRP period of 270 days as the period of 270 was expiring on 02.03.2021 and the Adjudicating Authority during the hearings held on 25.03.2021 ordered that Instead of going into meticulous calculation of exclusion, we direct the RP to complete the entire CIRP within 90 days from today and proceed with CIRP as per the rules calling upon plans from all the Prospective Resolution Applicants and disposed of IA No. 1004 799/2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as Bank, Indian Bank and State Bank of India. The RP placed the e-mail confirmation of two lender banks viz. IOB and Indian Bank before members of COC that they have received the OTS amounts in full and confirmed orally also before the members of the COC. One of the members of the COC i.e. Mertex Group which has 32.48% voting share also expressed its intention to vote in favour of withdrawal under Section 12A. After deliberations, the RP requested the members to confirm their views in the ensuing meeting of COC on the aspect off withdrawal under Section 12A. Copies of the e-mail confirmation received from IOB and Indian Overseas Bank are annexed as Annexure-6 at page nos. 24 25 of the application and a copy of the minutes of the COC Meeti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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