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2021 (4) TMI 17 - AT - Insolvency and BankruptcyHandover vacant possession of the leased out premises to the Respondent besides claiming lease rental - whether the Owner/ Lessor of land in actual physical possession of Corporate Debtor can recover the same while moratorium is in effect? - HELD THAT:- It is abundantly clear that the property occupied by the Corporate Debtor cannot be recovered by the Owner/ Lessor during the period of moratorium. What is material is that the property should be occupied by the Corporate Debtor which is interpreted as ‘actual physical occupation of the property’ and ‘not right or interest created in such property’. A bare reading of this provision reveals that the order of moratorium takes effect from the insolvency commencement date which, as defined under Section 5(12), means the date of admission of an application for initiating CIRP by the Adjudicating Authority under Section 7, 9 or 10 of the I&B Code. It lasts till completion of CIRP. Under Section 12 of I&B Code the time limit for completion of CIRP is provided as 180 days from the date of admission of application to initiate such process which can be extended for a further period not exceeding 90 days but has to be mandatorily completed within a period of 330 days from the insolvency commencement date including the period of judicial intervention - Adverting to the facts of instant case be it seen that 180 days from the date of commencement of CIRP expired on 26th January, 2020 and since the Resolution Professional did neither apply for extension for CIRP beyond the ordinary period of 180 days nor was a Resolution Plan approved or liquidation order passed by the Adjudicating Authority before the expiry of CIRP period viz. 26th January, 2020, moratorium ceased to operate beyond 26th January, 2020. It is not in controversy that the Corporate Debtor has subsequently been pushed into liquidation in terms of order dated 12th January, 2021 passed by the Adjudicating Authority. There are no force in the contention raised by the Appellant that the moratorium was in force on 4th November, 2020 when the impugned order came to be passed - appeal dismissed.
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