Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2022 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (4) TMI 1368 - AT - Insolvency and BankruptcySeeking extension of time for implementation of Resolution Plan - first submission of Appellant is that the order does not have any reason for exclusion of the time - HELD THAT:- The exclusion has been sought for principally on the ground that I.A No. 125 of 2022 remains pending from 17.01.2022 to 22.03.2022 due to which period need to be excluded since the prayer made in the Application I.A No. 125 of 2022 was not granted by the Adjudicating Authority. When we look into the facts cumulatively, including the reasons given in the Application I.A. No. 686 of 2022 and the facts noticed by the Adjudicating Authority, it cannot be said that there is no reason given in the order of the Adjudicating Authority for granting exclusion - thus there is ample reason in the order for granting exclusion of the period. The second submission of Shri Vikas Mehta Learned Senior Counsel for the Appellant is that Application I.A No. 686 of 2022 itself was not maintainable since the Application was filed in a disposed of Application I.A No. 125 of 2022 - HELD THAT:- The mere fact that in I.A No. 686 of 2022, it was mentioned that I.A No. 686 of 2022 is in I.A No. 125 of 2022 in C.P (IB) No. 2205/MB/C-I/2019 does not make it non-maintainable. The mere mention of I.A 125 of 2022 which was already disposed of does not take away the Application I.A 686 of 2022 and the prayers made therein which were separate prayers as noted above. We, thus, reject the submission of Shri Vikas Mehta, Learned Senior Counsel for the Appellant that I.A 686 of 2022 was not maintainable. Whether the extension could be granted beyond 90 + 180 days or not? - HELD THAT:- Present is a case where the Adjudicating Authority by the impugned order has not granted extension of any time rather it allowed exclusion of the time i.e. exclusion of the period which was taken in disposal of I.A 125 of 2022. As far as the submission that the decision was taken by the lenders committee, as noted above, extension of time be sought by the Applicant, suffice it to say that in the same meeting, it was noticed that Application I.A No. 686 of 2022 has already been filed for exclusion of the time. The said observation in the lenders’ committee meeting dated 28.03.2022 shall not detract the prayers made in the Application I.A No. 686 of 2022 nor that has any effect on order which has been passed by the Adjudicating Authority excluding the period. The last submission made by Shri Vikas Mehta is that conditions of the Resolution Plan has not been fulfilled - HELD THAT:- The Application I.A No. 686 of 2022 was filed only for praying for exclusion of the period from 17.01.2022 to 22.03.2022. Appeal dismissed.
|