TMI Blog2019 (6) TMI 523X X X X Extracts X X X X X X X X Extracts X X X X ..... d 11th March, 2019 passed by the Adjudicating Authority as also the consequential order(s) and remit the case to Resolution Professional to place the Resolution Plan before the Adjudicating Authority for order under Section 31 of the I B Code. Appeal allowed. - Company Appeal (AT) (Insolvency) No. 241 of 2019 with Company Appeal (AT) (Insolvency) No. 347 of 2019 - - - Dated:- 1-5-2019 - Mr S. J. Mukhopadhaya, Chairperson And Mr A.I.S. Cheema, Member (Judicial) And Mr Kanthi Narahari, Member (Technical) For The Appellant : Mr. Virender Ganda, Senior Advocate with Mr. Vipul Ganda, Ms. Shreya Jain and Mr. Aman Choudhary, Advocates For The Respondents : Mr. Ami Jain, Advocate for RP And Mr. Sameer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... luded for successful Resolution, it is desirable to find out whether the revised Resolution Plan submitted by M/s. Manibhadra Polycot viable and feasible having proper financial matrix and is approved by majority voting shares of more than 66% or not? As the Appellant(s) have made out a prima facie case that certain period is to be excluded for the purpose of counting of 270 days and if it allowed then the matter has to be remitted back for reconsideration of the Resolution Plans , including the Resolution Plan submitted by M/s. Manibhadra Polycot , before excluding the period, we are of the view that the Committee of Creditors should first re-consider the revised plan submitted by M/s. Manibhadra Polycot and o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as decided to proceed for liquidation. However, it is accepted that the Bank of Baroda was abstained from giving the opinion. 5. On hearing learned Counsel for the parties and perusal of record, we hold that the Appellants have made out a case of exclusion of 21 days for counting the period of 270 days i.e. the period during which the Resolution Process could not proceed, as detailed below: Reason for exclusion Dates No. of days The Order of the Adjudicating Authority was not received by the Resolution Profession. CIRP Order Date ..... X X X X Extracts X X X X X X X X Extracts X X X X
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