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TMI Blog2021 (12) TMI 189X X X X Extracts X X X X X X X X Extracts X X X X ..... conducting meetings and has been performing her duties even during the period sought for exclusion. However, the object of the Code is to revive the Company and in view of the fact that a Resolution Plan is awaited, the exclusion of the time from the date the application was under consideration of this Adjudicating Authority that is from 14.05.2021 till the date of this order is granted and extension of 90 days to the CIRP period is also granted. Application dismissed. - I.A. (IB) No. 503/KB/2021 and I.A. (IB) No. 546/KB/2021 in C.P. (IB) No. 1204/KB/2019 - - - Dated:- 25-11-2021 - Rajasekhar V.K., Member (J) And Harish Chander Suri, Member (T) For Appearing Parties : Jishnu Chowdhury, Ratul Das, Sutapa Mitra, Shaunak Mitra, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e period from 25.03.2020 to 31.12.2020 vide order dated 31.12.2020 in I.A.(IB) No. 1218/KB/2020. 6. The RP published Form G for the third time on 11.03.2021. Although three EOIs were received submission of Resolution Plan was still awaited. 7. It is further submitted that the Committee of Creditors ( CoC ) at their 14th CoC meeting held on 04.05.2021, resolved to apply for extension of CIRP period and exclusion of the time lost due to Covid-19 and other difficulties. 8. It is further submitted that an application under section 19(2) had been filed registered as I.A.(IB) No. 223/KB/2021 which has also led to loss of time in the CIRP period. I.A.(IB) No. 546/KB/2021 9. This is an application filed under section 60(5) of the Ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIRP period from 25.03.2020 to 31.12.2020 i.e., 281 days. 14. By virtue of the order stated hereinabove the revised timelines for the CIRP stood as follows: 15. It is submitted that the Respondent has filed another application being I.A.(IB) No. 503/KB/2021 for further exclusion and extension of 90 days for the completion of CIRP and the said application was heard on 07.06.2021. 16. The Applicant opposed the application being I.A.(IB) No. 503/KB/2021. It is submitted that the Applicant has not been provided with a copy of the said application although the Applicant has a right to all documents and applications in order to participate in the proceedings. 17. It is further submitted that there is no provision for multiple ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor. 21. It is further submitted that the Applicant attended all the CoC meetings and is well aware of the difficulties faced by the Resolution Plan. That the Applicant along with Mr. Nitin Agarwal did not cooperate with Resolution Professional nor did they provide the necessary documents for the smooth running of the CIRP. 22. It is further stated that the Applicant has no locus standi to object to the prayers sought in I.A.(IB) No. 503/KB/2021. 23. It is further stated that the Applicant does not have genuine grievance or objection and the Applicant is forcing the Corporate Debtor to go into liquidation. Findings 24. Heard the learned Counsel for the Resolution Professional and the learned Counsel for the Applicant in I.A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inclined to grant exclusion of the CIRP period from 01.01.2021 to 15.05.2021. The Resolution Professional has been conducting meetings and has been performing her duties even during the period sought for exclusion. 29. However, the object of the Code is to revive the Company and in view of the fact that a Resolution Plan is awaited, we grant exclusion of the time from the date the application was under consideration of this Adjudicating Authority that is from 14.05.2021 till the date of this order and extension of 90 days to the CIRP period is also granted. 30. The Resolution Professional is directed to strictly adhere to the timeline as envisaged in the Code and the judgment passed by the Hon'ble Supreme Court of India in Ebix S ..... X X X X Extracts X X X X X X X X Extracts X X X X
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