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TMI Blog2021 (2) TMI 1192X X X X Extracts X X X X X X X X Extracts X X X X ..... f IBC 2016, by which the CIRP shall mandatorily be completed within a period of 330 days including any extension of the period of CIRP granted and the time taken in legal proceedings, there are no merit in the prayers for exclusion of the period of 322 days from CIRP and declaration of 16.12.2020 as the date of commencement of CIRP. In the interest of taking the CIR process forward, what could utmost be done in terms of the Regulation 40C of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2020 is to exclude the period of Lockdown imposed by Central Government in the wake of Covid-19 and accordingly, the exclusion of the period from 25.03.2020 to 30.06.2020 i.e., a total period of 97 days from the period of CIRP is ordered with a direction to the IRP to expedite the CIR process. Application disposed off. - IA-5641/ND/2020 IN Company Petition No. (IB)-1491(ND)/2019 - - - Dated:- 1-2-2021 - SH. ABNI RANJAN KUMAR SINHA, HON'BLE MEMBER (J) AND SH. L. N. GUPTA, HON'BLE MEMBER (T) For the Applicants: Mr. Ashik Kumar Juneja, Advocate for RP And Mr. Chander Prakash for the Financial Creditor ORDER The present I.A. No. 5641/2020 is pref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he received an email on the same day from the Counsel for the Financial Creditor Mr. Chandra Prakash replying that he was also not aware about such an order passed by this Bench on 30.01.2020 and the appointment of the Applicant as IRP. 8. It is further stated by the Applicant in para 6 of the Application that as per the Order dated 30.01.2020, this Bench had directed the Registry to inform the IRP, Financial Creditor (Applicant) and Respondent within 7 days of passing of Order, however no such communication was conveyed by the Registry of this Hon'ble Bench to the IRP, Financial Creditor or Respondent. Hence, none of the parties till 15.12.2020 had any knowledge of an order passed by this Hon'ble Bench on 30.01.2020. 9. It is submitted by the Applicant that: 7. That the IRP was not aware about his appointment, hence the IRP could not take necessary action required to be taken under the Code, 2016. Therefore, it is humbly submitted to exclude the time period of 322 days between the date of order of admission was passed and the actual date (i.e., 16.12.2020) on which the IRP i.e., Mr. Kumud Shekhar came to know about the appointment. 10. In support of i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Financial Creditor took the plea that the order dated 30.01.2020 was neither pronounced nor uploaded on the website of this Tribunal. In view of the above, the Counsel for IRP prayed for exclusion of the period of 322 days between the date of passing of order of admission and 16.12.2020, the date on which the IRP came to know about his appointment and also, declaration of 16.12.2020 as the date of commencement of CIRP. 13. Taking notice of the aforesaid submissions, this Bench vide order dated 11.01.2020 directed the Court Officer to submit a report indicating as to when the order of CIRP was pronounced and uploaded for communication to the IRP as well as the parties concerned. 14. That in compliance with the directions given vide order dated 11.01.2021, the Court Officer in his report dated 18.01.2021 has submitted that the order was pronounced in the open court on 30.01.2020 in his presence. He has added that the Pronouncement of the order is reflected in the cause list of 30.01.2020, which was uploaded around 6 pm on 29.01.2020 on the website of the Tribunal. He has stated that the order was received by the registry on 30.01.2020 and was uploaded on the website of thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mittedly (para 1 1 supra) pursuant to the Rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, had given his consent dated 17.12.2020 in the Form-2 to act as Interim Resolution Professional (IRP) in the present matter was obligated to keep a track of the status of the case, for which he had given the express consent. We are also surprised to note the complete ignorance on the part of the Financial Creditor (or his Counsel) who, this being the Petition filed under Section 7 of the IBC, though himself had proposed the name of the IRP, did not keep abreast of the pronouncement of the order and its communication to the IRP. Instead, the Counsel for the Financial Creditor during the hearing chose to present a misleading picture before this Bench that neither the order was pronounced nor was it uploaded. The statement made by him on the bar is found to be completely contrary to the findings of the self-contained reports, dated 18.01.2021 submitted by the Court Officer and dated 22.01.2021 by the Ld. Registrar NCLT, both of which reflect the position otherwise. 21. As regards, the Judgement passed by the Hon'ble NCLAT in the matter of Quinn Lo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y which the CIRP shall mandatorily be completed within a period of 330 days including any extension of the period of CIRP granted and the time taken in legal proceedings, we do not find any merit in the prayers for exclusion of the period of 322 days from CIRP and declaration of 16.12.2020 as the date of commencement of CIRP. 23. However, in the interest of taking the CIR process forward, what could utmost be done in terms of the Regulation 40C of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2020 is to exclude the period of Lockdown imposed by Central Government in the wake of Covid-19 and accordingly, we order exclusion of the period from 25.03.2020 to 30.06.2020 i.e., a total period of 97 days from the period of CIRP with a direction to the IRP to expedite the CIR process. 24. As regards, the conduct of IRP, Mr. Kumud Shekhar (IBBI/IPA003/1P-N00206/2018-19/ 12358), in terms of not initiating the CIR Process of the Corporate Debtor M/s Value Infraestate India Pvt. Ltd. till 16.12.2020, we are constrained to refer the matter to the Insolvency and Bankruptcy Board of India (IBBI) for needful action. 25. Let a copy of this order be sent by the Regi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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