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2020 (3) TMI 1285 - Tri - Insolvency and BankruptcySeeking exclusion of period of 60 days on account of legal proceedings in the Resolution Process - section 12, Sub-Section 3, Proviso 2 of the IBC, 2016 & R/w Rule 11 of the NCLT Rules, 2016 - HELD THAT:- The total time permissible under Code viz. 180+90 days, was going to expire on 22nd March, 2019. The record shows that there is no substantial work done in the CIRP process in the case except filing one Application or the other seeking various reliefs from the Adjudicating Authority. There are hardly realisable assets standing in the name of Corporate Debtor. And the Contention of Applicant that he would take appropriate action, if 60 days further time is granted is without any basis, and permissible 270 days have already been exhausted without doing any substantial work in CIRP. The Applicant has not furnished any material to show as to how State Government freezes the Property of Corporate Debtor, and what enquiry/investigation was conducted before etc. He cannot threaten the Officials of State Govt. with Contempt, without citing any substantial material, as they are also discharging their statutory deities under Law. There would be no useful purpose to grant further time as asked for. The instant Application is totally misconceived, and the grounds mentioned in the application are baseless, and untenable, and they are liable to be rejected. In terms of Section 33 of Code, if no Resolution Plan is received within stipulated period as per law, under sub-section (6) of Section 30 or reject Resolution Plan, the Corporate Debtor has to be liquidated as per extant provisions of Code. Therefore, it is necessary to pass an order placing Corporate Debtor under Liquidation. In order to pass an order of Liquidation, it is necessary to appoint Liquidator. Therefore, the COC & AR are directed to suggest suitable Liquidator to appoint. Application rejected.
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