9911796707
TMI Blog2022 (2) TMI 742X X X X Extracts X X X X X X X X Extracts X X X X ..... esort. Hence, this Tribunal is of the subjective opinion that no prejudice will be caused in allowing the instant appeal to prevent an aberration of justice and to promote substantial cause of justice. Appeal allowed - decided in favor of appellant. - Company Appeal(AT) (Ins)No. 637 of 2021 - - - Dated:- 16-2-2022 - [Justice M.Venugopal] Member (Judicial) And (Dr. Ashok Kumar Mishra) Member(Technical) For Appellant: Mr. Monaal Davawala, Advocate JUDGMENT DR. ASHOK KUMAR MISHRA, TECHNICAL MEMBER 1. The present appeal has been filed by the Appellant' under Section 61 of the Insolvency and Bankruptcy Code, 2016 (in short Code ) against the impugned order dated 12.07.2021 passed by the Adjudicating Authority ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The EOI were received from two Prospective Resolution Applicants and a single Resolution Plan received till date. Due to Covid, there is no progress in de-attachment of property from ED at Tribunal/ Courts and less number of EOI received than expected one. However, as the committee is considering reissue of EOI, the Extension of CIRP period should be considered. In view of the above, RP asked for approval from the member of CoC to make an application to the adjudicating authority for exclusion of the period of CIRP by further 90 days. Resolved that as per the approval of the Committee, the RP shall proceed to reissue the EOI i.e. Form -G be published in leading newspaper and the cost of publication shall form part of CIRP costs . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icating Authority or the Appellate Authority has discretion to extend the time of CIRP period even beyond 330 days in certain exceptional cases . This is an exceptional case as revealed from the submissions by the Ld counsel for the Appellant. No doubt, CBI and ED has attached the sole property of the CD and the matter is under adjudication. 5. We have heard Ld. Counsel for the Appellant and the pleading submitted by him and observed as follows: a. This pandemic has, no doubt, b. updated the normalcy in various activities of Corporate Insolvency Resolution Process. c. The Resolution Professional has received a Resolution Plan from a Prospective Resolution Applicant which is under scrutiny of Resolution Professional/ Commi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
