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2019 (11) TMI 902 - AT - Insolvency and BankruptcyApproval of Resolution plan - exclusion of 135 days period from 27th August, 2018 to 8th January, 2019 and in addition to the period of 147 days starting from 9th November, 2018 to 4th April, 2019 from the ‘Corporate Insolvency Resolution Process’ - HELD THAT:- In the present case, we find that during the ‘Corporate Insolvency Resolution Process’ i.e. completion of 180 days, 3 Mining Leases were renewed by the Government of Telangana. It is true that the Mining Leases are the assets of the ‘Corporate Debtor’ and ‘Information-Memorandum’ should have been reflected the assets. It is informed that the aforesaid asset was reflected in the ‘Information-Memorandum’ but in view of the fact that the Mining Leases were not responsible to have renewed at the end of 180 days. However, we find because of the fact that it was renewed at the time of end of 180 days i.e. on 8th January, 2019, the Adjudicating Authority allowed further 90 days on 10th January, 2019 for completion of the process. Even during the extended period of 90 days, there was nothing to suggest that ‘Committee of Creditors’ took any step for calling of fresh resolution plan, though it was open to them to call for fresh resolution plan or information that mining lease, which is reflected in the ‘Information-Memorandum’, has already been renewed. 90 days having already allowed, we find no ground is made out to exclude any period for completion of the ‘resolution process’ and in view of the fact that 270 days have already been passed, the Adjudicating authority has no other option but to pass order of liquidation. If proceedings u/s 230 of the Companies Act, 2013 is taken up, it will be open to the ‘Liquidator’ to take up with creditors or class of creditors (who was the Financial Creditors) and if any of the ‘resolution plan’ has filed or may be called for following the same procedure of ‘I&B Code’, may accept such plan as one of the scheme taking into consideration if it is viable and feasible. Appeal disposed off.
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