9911796707
TMI Blog2022 (7) TMI 827X X X X Extracts X X X X X X X X Extracts X X X X ..... OMPANY LAW APPELLATE TRIBUNAL, NEW DELHI ], wherein it is held that for the following good reason and unforeseen circumstances, the intervening period can be excluded for counting the total period of 270 days. Thus, the relief sought for by the applicant may be considered as a special case. However, before concluding, the fact is to be noted that the former IRP, Mr. Lukose Joseph has unnecessarily created a hurdle in the process on one pretext or the other and he has not followed the IBBI Regulations in its true spirit. A mere example is that even after his change and appointing the applicant as RP, he took one month to hand over the physical copies of the documents. Such action of IRPs appointed should be viewed seriously. The period of 13 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty to continue as IRP due to his poor health and hence vide order dated 09.11.2022, this Tribunal replaced the IRP with Mr. Lukose Joseph as an IRP from the panel of IPs. 4. Learned counsel for the Resolution Professional stated that the IRP made a public announcement inviting claims on 15.11.2021 in Form -A in two newspapers namely Deshabhimani and Business Line and an addendum to the paper publication on 21.11.2021 and 22.11.2021 with the name of representatives for Home Buyers class of Creditors. 5. It is further stated that the first meeting of COC was convened on 23.12.2021. In the Second Meeting of COC held on 10.01.2022, IRP Mr. Lukose Joseph expressed his unwillingness to continue as RP. In the said meeting the Class of Creditors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation 36(1). d. To form an opinion on PUFE (Preferential, Undervalued, Fraudulent and Extortionate transactions) U/S 43, 45, 50 and 66 of IBC and determination of PUFE under intimation to IBBI and to file application to AA for appropriate relief. Under Regulation 35A, RP is required to make opinion on preferential and other transaction within 75 days and determination within f 15 days and RP to file application before the Adjudicating Authority before 135 days. e. Invitation for Expression of Interest from Prospective Resolution Applicant and finalisation of criteria for prospective resolution applicants. f. Appointments of Accountants, Auditors, Lawyers, and other Professionals g. To ascertain the estimated CIRP cost and to raise i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder of admission on 03.11.2021, however in view of the inability of the IRP, vide order dated 09.11.2021 appointed a new IRP and the order copy was issued on 12.11.2021, hence the said period required to be excluded. Further, IRP expressed his unwillingness to continue in the second COC meeting held on 10.01.2022 and the COC also decided to replace him in the said COC. This Tribunal approved the appointment of RP on 16.03.2022 and the order was received by the RP on 23.03.2022, hence Applicant is also seeking exclusion of 72 days on account of the period in which there was no RP to the Corporate Debtor. Further, except for the work done till the First Meeting of COC, no further action was taken during the period till the appointment of RP, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of admission/moratorium is passed and the actual date on which the 'Resolution Professional' takes charge for completing the corporate insolvency resolution process. (iv) On hearing a case, if order is reserved by the Adjudicating Authority or the Appellate Tribunal or the Hon'ble Supreme Court and finally pass order enabling the 'Resolution Professional' to complete the corporate insolvency resolution process. (v) If the corporate insolvency resolution process is set aside by the Appellate Tribunal or order of the Appellate Tribunal is reversed by the Hon'ble Supreme Court and corporate insolvency resolution process is restored. (vi) Any other circumstances which justifies exclusion of certain period." ..... X X X X Extracts X X X X X X X X Extracts X X X X
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