9911796707
TMI Blog2021 (9) TMI 1325X X X X Extracts X X X X X X X X Extracts X X X X ..... CIRP of the Corporate Debtor Company was announced on 20.08.2019 by order of this Bench and therefore more than 730 days have passed since the commencement of the CIRP in the Corporate Debtor company. The Bench further notes that even after accounting for all extensions and exclusions, more than 330 days have passed since the Corporate Debtor Company came under the CIRP. 3. Pursuant to issue of EOI, the Corporate Debtor Company could not get any successful Resolution Plan. 4. It is understood that in the 18th committee of Creditors (COC) meeting held on 8th September 2021, all the financial creditors comprising of Banks/other financial institutions wanted to go for liquidation as according to them Resolution of the Corporate Debtor by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solution process of the corporate debtor: Provided also that where the insolvency resolution process of a corporate debtor is pending and has not been completed within the period referred to in the second proviso, such resolution process shall be completed within a period of ninety days from the date of commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019.] 6. In terms of the above Section of IBC the CIRP of the Corporate Debtor has to be mandatorily completed within maximum of 330 days from the Insolvency commencement date including all extensions and also time taking in legal proceedings in relation to the resolution therefore, the Bench notes that as per the law the Bench cannot extend the CIRP period beyond 330 d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal under the Code that only a short period is left for completion of the insolvency resolution process beyond 330 days, and that it would be in the interest of all stakeholders that the corporate debtor be put back on its feet instead of being sent into liquidation and that the time taken in legal proceedings is largely due to factors owing to which the fault cannot be ascribed to the litigants before the Adjudicating Authority and/or Appellate Tribunal, the delay or a large part thereof being attributable to the tardy process of the Adjudicating Authority and/or the Appellate Tribunal itself, it may be open in such cases for the Adjudicating Authority and/or Appellate Tribunal to extend time beyond 330 days....." 9. The Bench notes ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
