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2020 (2) TMI 1386 - NATIONAL COMPANY LAW TRIBUNAL , CHANDIGARH BENCHExclusion of the time period of 173 days which were lost due to lis pendens - Section 60(5) read with second proviso to Section 12 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- No application for extension of period of CIRP beyond 180 days has been filed under Section 12(2) of the Code. The second proviso to Section 12(3) of the Code provides that the CIRP shall mandatorily be completed within a period of 330 days from the insolvency commencement date. As on date, this period of 330 days has expired. The instant application for exclusion of time period was filed on 11.11.2019 and was first listed on 19.11.2019, when none for the applicant-IRP was present and the CA was directed to be listed on 09.12.2019. On that date, at the request of the applicant-IRP's counsel, the matter was adjourned to 16.01.2020 and again on request, the matter was further adjourned to 07.02.2020. On 07.02.2020, the IRP was inter alia directed to file an affidavit explaining the delay. The compliance affidavit was taken on record on 10.02.2020 and order was reserved. Therefore, the delay after filing of the instant application is mainly attributable to the applicant-IRP. In the present case, the insolvency commencement date (Section 5(12) of the Code) is 22.02.2019, when the applicant-IRP was appointed as IRP by the AA. The applicant-IRP is stated to have sent intimation to the suspended Board of the corporate debtor on 02.03.2019 and 04.03.2019 requesting them for cooperation, but the directors/promoters are stated to have neither come forward to cooperate nor given access to the books/records of the corporate debtor. Thereafter, the first CoC meeting is stated to be held on 24.03.2019 - The applicant-IRP has filed a copy of notice for holding CoC meeting on 31.03.2019. However, there is no evidence on record to show that there was any oral request of the member of the CoC for adjourning sine die the second CoC meeting till the proceedings before the Hon'ble NCLAT are pending. Even the member of the CoC giving the oral request has not been specified. The period of 330 days for completion of CIRP has already expired and as on date, the complete process starting with appointment of valuers, preparation of Information Memorandum, invitation for Expression of Interest, request for resolution plan, consideration of the resolution plan etc. is still to be done. Therefore, in the instant case, it cannot be said that only a short period is left for the completion of the CIRP beyond 330 days - It is concluded that exceptional circumstances for extension of CIRP beyond 330 days are not made out.
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