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2019 (9) TMI 1457 - NATIONAL COMPANY LAW TRIBUNAL , AHMEDABAD BENCHUpdation of applicants' claims by collating it and to prepare Memorandum of Information - reconstitution of Committee of Creditors (CoC), in terms of the provisions of the I & B Code - Exclusion of certain period from CIRP process - HELD THAT:- The newly appointed member can be provided a copy of the Resolution Plan in compliance of the decision of the Hon'ble Supreme Court of India, in the matter of Vijay Kumar Jain vs. Standard Chartered Bank [2019 (2) TMI 97 - SUPREME COURT], so as to express their opinion on the same either they may ratify the Resolution Plan already approved by the CoC with its requisite majority or they may record their dissenting vote, such exercise needs to be completed in the light of the above stated decision of the Hon'ble Supreme Court of India. If such formality is complied with, the Resolution Plan, which earlier has been approved in the 10th meeting of the CoC dated 06.05.2019 will continue to be binding and operative on its all members. Exclusion of certain period from CIRP process - HELD THAT:- This Adjudicating Authority is competent to exempt/exclude certain period from Corporate Insolvency Resolution Process in the light of the decision of the Hon'ble Supreme Court of India in the matter of Arecellormittal vs. Satisk Kumar Gupta [2018 (10) TMI 312 - SUPREME COURT]. The period consumed in pending litigation can be excluded, but it cannot be more than 330 days. Moreover, even expiry of these 330 days - thus, the period consumed in the hearing and disposal of this IA, i.e. IA 547 of 2019, i.e., filed on 09.09.2019, needs to be exempted for the purpose of counting of Corporate Insolvency Resolution Process of 270 days, equally the time consumed for hearing of disposal of IA No. 427 of 2018, (filed on 19.11.2018), till it was decided/disposed on 23.08.2019, to be excluded for counting the purpose of Corporate Insolvency Resolution Process of the Corporate Debtor company. Application allowed in part.
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