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TMI Blog2022 (9) TMI 278X X X X Extracts X X X X X X X X Extracts X X X X ..... Raghuvansi, Ms. Purvat Wali, Advocates (IOB) JUDGMENT Justice Anant Bijay Singh ; This Appeal has been preferred by the Appellant - Anil Tayal, Resolution Professional of M/S Horizon Buildcon Pvt. Ltd. being aggrieved and dissatisfied by the order dated 31.05.2021 in I.A. No. 1005 of 2021 in CP (IB) No. 266 (ND) of 2019 passed by the Ld. Adjudicating Authority (National Company Law Tribunal, New Delhi Bench-II) whereby and where under the Application filed by the Resolution Professional (Appellant herein) under Section 60(5) and Section 12 of the Insolvency and Bankruptcy Code, 2016 (for short IBC) was dismissed and the Adjudicating Authority observed as follows: "14. So in the light of the aforesaid facts and circumstances as well as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nted as the Authorized Representative for homebuyers. iv) Further case is that IRP on 11.01.2020 in terms of Section 25(2)(h) read with Regulation 36(4) of the CIRP Regulation, 2016 invited Expression of Interest for submissions of Resolution Plans for the Corporate Debtor and the same were published in the English Newspaper, namely 'Financial Express' and Hindi newspaper, 'Jansatta'. v) On 10.02.2020 third meeting of CoC was held wherein the IRP apprised the members of CoC that pursuant to publication of the Form-G a total of 6 Prospective Resolution Applicant has sent their EOI out of which 3 were held to be ineligible. Thereafter, forth meeting of CoC was held on 20.02.2020 wherein the Agenda for the appointment of Mr. Praveen Kumar Ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . IBB/IPA-001/IP-P01118/2018-19/11818 was approved as the Resolution Professional by 68.77% voting share in favour. Thereafter, on 16.10.2020 the CoC filed an Application being I.A. No. 4391 of 2020 seeking replacement of Resolution Professional which came up for hearing on 16.10.2020 wherein, the Adjudicating Authority allowed the application thereby, appointing the Appellant herein as the Resolution Professional for the Corporate Debtor and granted liberty to the Appellant herein to file an amended application in I.A. No. 3468 of 2020 for the purpose of seeking extension of 90 days beyond the period of 180 days in the CIRP of the Corporate Debtor. ix) On 09.11.2020, the Adjudicating Authority allowed the application filed by the Appellan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) for the purposes of calculation of CIRP Period. xiii) On 06.02.2021 ninth meeting of CoC wherein the Resolution Plan was considered by the members and requested the Prospective Resolution Applicant to submit a revised Resolution Plan in the matter of the Corporate Debtor. The members of the CoC resolved to seek extension of 60 days of CIRP period with 100% voting share. Thereafter, tenth meeting of CoC was held wherein the members of the CoC discussed the Resolution Plan submitted by the Prospective Resolution Applicant. Since the issue with respect to the claim of Indian Overseas Bank being secured and unsecured is pending adjudication before the Adjudicating Authority and thereafter, the outcome will affect the Resolution Plan. In view ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I.A. No. 140 of 2021 shall have a material bearing on the security interest of the secured financial creditor and consequently have a bearing on the distribution of amount received under the Resolution Plan to be made in terms of the provisions of Section 30(2)(b) of the Code. 6. It is further submitted that the Adjudicating Authority have failed to consider the true impact of the Judgment passed by Hon'ble supreme Court in the matter of "Committee of Creditors of Essar Steel India Limited Vs. Satish Kumar Gupta and Ors. Reported in (2020) 8 SCC 531". Based on these submissions, the impugned order is fit to be set aside and grant extension of CIRP period by 60 days from the date of order passed by this Appellate Tribunal. 7. The Ld. Couns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ays extension in order to consider the Resolution Plan as resolved in 9th meeting of CoC convened on 06.02.2021 should be filed expeditiously. It is further submitted that the case of the Appellant is supported by the Respondent, therefore, period spent in the litigations may be excluded in the CIRP Period. 9. After hearing the parties and having gone through the record, we are of the considered view that the judgment passed by Hon'ble supreme Court in the matter of "Committee of Creditors of Essar Steel India Limited Vs. Satish Kumar Gupta and Ors. Reported in (2020) 8 SCC 531" wherein paragraph 117 read as hereunder: "117. So far as Section 4 is concerned, it is clear that the original timelines in which a CIRP must be completed have n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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