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TMI Blog2022 (4) TMI 1368X X X X Extracts X X X X X X X X Extracts X X X X ..... maintainable since the Application was filed in a disposed of Application I.A No. 125 of 2022 - HELD THAT:- The mere fact that in I.A No. 686 of 2022, it was mentioned that I.A No. 686 of 2022 is in I.A No. 125 of 2022 in C.P (IB) No. 2205/MB/C-I/2019 does not make it non-maintainable. The mere mention of I.A 125 of 2022 which was already disposed of does not take away the Application I.A 686 of 2022 and the prayers made therein which were separate prayers as noted above. We, thus, reject the submission of Shri Vikas Mehta, Learned Senior Counsel for the Appellant that I.A 686 of 2022 was not maintainable. Whether the extension could be granted beyond 90 + 180 days or not? - HELD THAT:- Present is a case where the Adjudicating Authority by the impugned order has not granted extension of any time rather it allowed exclusion of the time i.e. exclusion of the period which was taken in disposal of I.A 125 of 2022. As far as the submission that the decision was taken by the lenders committee, as noted above, extension of time be sought by the Applicant, suffice it to say that in the same meeting, it was noticed that Application I.A No. 686 of 2022 has already been filed for ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Authority may be pleased to:- (a) allow the Application; (b) pass appropriate and urgent directions to the Respondents to pay and continue to pay until the Effective Date, all expenses relating to the Corporate Debtor without any exception, including without limitation expenses incurred/ to be incurred towards Conditions Precedent fulfilment, hiring of employees of the Corporate Debtor, executing IT contracts, cabin crew training contracts, ground handling and engineering contracts, contracts with MRO and all operational and business expenses, out of its positive cash balance without any delay, protest, demur, or cavil and not obstruct in the successful revival of the Corporate Debtor. (c) pass appropriate and urgent directions to the Respondents that the positive cash balance of the Corporate Debtor can be utilized only in the manner set out in para 9 above. (d) pass interim/ ad-interim reliefs in terms of prayers (a) to (c) above. (e) pass any other such order(s) as this Hon ble Adjudicating Authority may deem fit and proper in the facts and circumstances of this case. 3. The said Application came to be dismissed by the Adjudicating Authority by orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts that the other condition with regard to Resolution Plan has not been satisfied. 6. Shri Krishnan Venugopal, Learned Senior Counsel appearing for Respondent Nos. 2 to 4 submits that the Respondents support the exclusion of time as prayed by the Successful Resolution Applicant. It is further submitted that under the Resolution Plan itself in para 33 plan approval order, there is already liberty to the Resolution Applicant to come back to the Tribunal for any order so that plan may not be frustrated. 7. Learned Counsel appearing for the Successful Resolution Applicant submits that the reason for exclusion of the time has already been given in the Application I.A No. 686 of 2022 in para 8 and due to the said reason, the exclusion become necessary after rejection of the Application IA 125 of 2022. 8. We have considered the submissions of Learned Counsel for the parties and perused the record. 9. The first submission of Shri Vikas Mehta, Learned Senior Counsel for the Appellant is that the order does not have any reason for exclusion of the time. The Application I.A No. 686 of 2022 was filed by the Resolution Applicant praying for exclusion from 17.01.2022 to 22.03.2022 fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aphs 19 and 20 of the order, following observations have been made by the Adjudicating Authority:- 19. Having considered the facts in the Application which is specifically for grant of exclusion of time as mentioned above at no point of time it can be considered for grant of extension of time for implementation of the Resolution Plan and then by no stretch of imagination it can be said that by allowing this Application it would amount to modification of Resolution Plan. 20. In that view of the matter, we find that if the relief as sought for is refused, it will cause hurdle in revival of the Corporate Debtor which cannot be spirit of the Code. If no exclusion is granted it will also amount to automatic withdrawal of the Resolution Plan and the Corporate Debtor shall be posted into Liquidation which is neither the intention of the Code nor of the Plan Approval Order. Hence the Application is liable to be allowed excluding period of 65 days and thus extending the effective date to 25.05.2022. 12. We, thus, are satisfied that there is ample reason in the order for granting exclusion of the period. 13. The second submission of Shri Vikas Mehta Learned Senior Counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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