2021 (7) TMI 1426 - SCH - Insolvency and Bankruptcy

Extension of time-cum- enlargement of time for completion of the task of reconciliation of accounts of the Corporate Debtor and JAL and submission of final report by Grant Thornton (GT) before the adjudicating authority - SC 2021 (3) TMI 1143 - SUPREME COURT held that The matter regarding approval of the resolution plan stands remitted to the Committee of Creditors of JIL and the time for completion of the process relating to CIRP of JIL is extended by another period of 45 days from the date of this judgment - HELD THAT - The final report by the GT be submitted before 15th August 2021 before the adjudicating authority.

Summary

Issues:
1. Extension of time for completion of reconciliation of accounts of the Corporate Debtor and submission of final report by Grant Thornton.
2. Consideration of objections by the adjudicating authority.
3. Directions to be passed by the adjudicating authority.
4. Disposal of miscellaneous applications.

Extension of Time for Reconciliation of Accounts:
The Interim Resolution Professional filed an application seeking an extension of time for the reconciliation of accounts of the Corporate Debtor and JAL, along with an enlargement of time for the submission of the final report by Grant Thornton (GT). The Court granted the application as there was no objection from other parties. The final report by GT was directed to be submitted before 15th August, 2021, to the adjudicating authority. The adjudicating authority was instructed to consider any objections and pass appropriate directions as per the law. Additionally, the authority was mandated to decide on objections, including the draft report, within two weeks, in accordance with a previous judgment.

Consideration of Objections:
The adjudicating authority was directed to consider objections, if any, and pass suitable directions as permissible by law. The authority was specifically instructed to decide on objections, including the draft report, within a stipulated timeframe, as per the directions provided in a previous judgment. All contentions in this regard were left open for further consideration.

Disposal of Miscellaneous Applications:
Two miscellaneous applications, M.A. Nos. 770/2021 and 850/2021, were disposed of as there was no opposition to the relief sought in these applications. The Court granted the relief claimed in these applications, and subsequently, disposed of the miscellaneous applications.

This judgment primarily dealt with granting an extension of time for the reconciliation of accounts of the Corporate Debtor and JAL, directing the adjudicating authority to consider objections and pass appropriate directions, and disposing of miscellaneous applications where relief was granted due to no opposition.