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2021 (5) TMI 778 - AT - Insolvency and BankruptcySeeking to exclude the time consumed on account of time loss due to the lockdown imposed by the Government of India and State Government and time consumed due to pendency of application - HELD THAT:- he Adjudicating Authority rejected the prayer with regard to period seeking exclusion of time consumed in judicial intervention on the ground that the Appellant has not shown the exceptional circumstances for excluding the time. It is unequivocal that the country faced pandemic situation namely Covid -19 and due to the said pandemic the whole nation suffered and regular activities have come to a stand still. The Learned Adjudicating Authority ought to have considered the situation as exceptional circumstances for the reason of prevailing pandemic in the country and the CIRP process was still at nascent stage. It is an admitted fact that only 3 meetings have been convened from the date of commencement of CIRP till August, 2020. However, an Application is filed for replacing the RP. From the Judgment of the Hon'ble Supreme Court in Essar Steel India Ltd. Vs. Satish Kumar & Ors. [2019 (11) TMI 731 - SUPREME COURT] that the Adjudicating Authority and/or this Tribunal may extend time beyond 330 days in exceptional cases. The Appellant had shown the exceptional circumstances one is the imposition of lockdown and pendency of the judicial proceedings before the Adjudicating Authority. Apart from the above, the Hon'ble Supreme Court in a number of cases clearly held that the liquidation is the last resort. In the present case as discussed above the CIRP is at nascent stage and the Resolution Professional has to take forward duly complied with the procedure as prescribed under the Code for the purpose of Resolution of the Corporate Debtor instead of pushing the Corporate Debtor into liquidation. A total period of 92 days is excluded whereby the time lost due to judicial intervention from the total time period of 330 days - A total period of 160 days is excluded the time lost on account of imposition of lockdown from 25.03.2020 to 31.08.2020 - Further the time spent in filing this Appeal i.e. from 12.04.2021 to 04.05.2021 is also excluded. Appeal disposed off.
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