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TMI Blog2020 (9) TMI 1229X X X X Extracts X X X X X X X X Extracts X X X X ..... ;) by the Resolution Professional ('RP') on behalf of the Committee of Creditors seeking extension of time limit for completion of Insolvency Resolution Process of the Corporate Debtor. 2. That this Adjudicating Authority vide its order dated 15.11.2019 admitted the petition filed by the Corporate debtor Viz., NITHIN NUTRITIONS PRIVATE LIMITED for initiating Corporate Insolvency Resolution Process (CIRP) for itself due to its default in payment of a financial debt under Sec 10 of the IBC read with Rule 7 of Insolvency and Bankruptcy (Application to A judicating Authority) Rules 2016 and has appointed Mr. Pavan Kankani as he Interim Resolution Professional (in short, "IRP"). Moratorium was declared from 15.11.2019, date of commencem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Professional replacing the IRP, Mr. Pavan Kankani. But this Hon'ble Tribunal was pleased to dismiss the application filed (IA No. 31 of 2020 in cp (IB) 157/10/AMR/2019) by Bank of India, the sole member of CoC earlier, on 20.02.2020 seeking appointment of B. Naga Bhushan as the Resolution Professional, as the COC did not resolve to replace the IRP with the new Insolvency Professional as the RP, in its first meeting itself. Aggrieved by the said order, the Financial Creditor (BOI) Appealed against the (Impugned) Order and the Hon'ble Appellate Tribunal Authority was pleased to allow the appeal (Company Appeal (AT) (Ins) No. 501 of 2020) on 03.06.2020 for engagement of B. Naga Bhushan as the Resolution Professional replacing the IRP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Minister, in consultation with Ministry of Home Affairs and u der the directions of National Disaster Management Authority (NDMA) Ordered Ministries / Departments of Government of India, State Governments and State Authorities to take measures for ensuring social distancing prevent the spread of COVID-19 in the country by imposing lockdown initially for 21 days i.e., w.e.f. March 25, 2020 till April 14, 2020 and extended the same from time to time as detailed in the below mentioned table. Lockdown From To No. of days Applicable to Lockdown 1.0 25.03.2020 14.04.2020 21 days Entire Nation Lockdown 2.0 15.04.2020 03.05.2020 19 days Entire Nation Lockdown 3.0 04.05.2020 17.05.2020 14 days Entire Nation Lockdown 4.0 18.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... down was re imposed by the Government due to spiraling cases of Covid from July 20, 2020 till August 5, 2020. Hence this period of 17 days can also be reckoned for exclusion. The Registered Office of the Corporate Debtor is situated at Tirupati and the factory is in Chittoor dist. On considering the period between March 25, 2020 and June the period from July 20, 2020 till August 5, 2020 as excluded i.e, a total of 115 days, the last date for CIRP falls on Sept 4, 2020. 12. It is submitted that the applicant has taken charge as RP effective from June 24, 2020 after this Hon'ble Tribunal dismissed the application filed by IRP seeking directions and clarifications with respect to the order of NCLAT, where the undersigned is appointed as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would also be considered now. 16. It is submitted that the CoC was informed that the process of evaluation of the Resolution plans takes some time which would take the time frame to a date beyond the present last date of CIRP period which is falling on 4th September 2020. 17. It is also submitted that after thorough deliberations, the CoC passed a resolution with 100% voting in favour of the resolution in its 5th meeting held on August 05, 2020, authorizing the Resolution Professional to seek the approval of the Hon'ble Adjudicating Authority for extension of the period of CIRP by a further period of 90 days which would enable the RP to successfully complete the resolution process. The following resolution was passed by the CoC. "Re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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