9911796707
TMI Blog2019 (7) TMI 833X X X X Extracts X X X X X X X X Extracts X X X X ..... ude the period for which the process of corporate resolution process could not be carried out for reasons and circumstances beyond the control of the applicant as well as the Committee of Creditors (CoC) of the corporate debtor. 2. On perusal of the record it is found that an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("the Code" for short) was filed by Bank of Baroda and the said application was admitted on 20.11.2017 wherein one Mr. Sanjay Gupta was appointed as Interim Resolution Professional (hereinafter also referred to as IRP) for initiating Corporate Insolvency Resolution Process (hereinafter referred as "CIRP") against the corporate debtor. 3. It is further submitted that public announcement was made b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpletion of about 133 days, the applicant had taken charge of the management and operations of the corporate debtor and, thereafter, fourth meeting of the CoC was convened on 26.04.2018, wherein, CoC passed a resolution fixing the minimum criteria, evaluation matrix and necessary steps for publication of expression of interest. During this period CoC also authorised the applicant for extension of CIRP period for a period of 90 days. Accordingly, the applicant preferred an application under Section 12 of the IB Code before the Adjudicating Authority on 02.05.2018 and the period was extended for further period of 90 days on 07.06.2018. The CoC duly convened the seventh meeting on 12.06.2018, wherein it was reported that no resolution plan was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the Bench on 02.04.2018. 9. On perusal of the record it is also found that CIRP is expired sometime around 20th of May, 2018 and thereafter 90 days was also extended which has also been expired around 20th of August, 2018. Thus, sufficient time was available to the RP to perform his duties but has failed to do so and now he has come with an application for further extension of 294 days on the pretext that IAs 63 of 2018, 172 of 18 and 332 of 18 were/are pending and, therefore, such pendency period is to be exempted. It is strange that when total CIRP is for 270 days (including 90 days) how a RP can expect the extension of another 294 days which is not the mandate of law. It is pertinent to mention herein that IRP or RP was never restr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution Professional takes charge for completing the corporate insolvency resolution process. (iv) On hearing a case, if order is reserved by the Adjudicating Authority or the Appellate Tribunal or the Hon'ble Supreme Court and finally pass order enabling the Resolution Professional to complete the corporate insolvency resolution process. (v) If the corporate insolvency resolution process is set aside by the Appellate Tribunal or other of the Appellate Tribunal is reversed by the Hon'ble Supreme Court and corporate insolvency resolution process is restored. (vi) Any other circumstances which justifies exclusion of certain period." However, after exclusion of the period, if further period is allowed the total number of days ..... X X X X Extracts X X X X X X X X Extracts X X X X
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