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TMI Blog2019 (7) TMI 1424X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Insolvency and Bankruptcy Code, 2016, seeking to exclude a period of 135 days from 27.08.2018 to 08.01.2019 and in addition to it the period of 147 days starting from 09.11.2018 to 04.04.2019 from the CIRP of the corporate debtor. 2. It is averred that the corporate debtor was engaged in the business of production of cement/limestone since 1986. For the production activity, there were three mining leases granted by the then Government of Andhra Pradesh vide three separate G.O's- a. G.O Ms. No. 157, dated 26.05.2005. b. G.O Ms. No. 193, dated 18.06.1999. c. G.O Ms. No. 253, dated 14.09.2006. These leases issued by the Government in the name of M/s. Coromandal Cements Limited subsequently the erst while Government of Andhra Prad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lution Applicants was issued. In response to the publication RP received EOI from 16 entities out of which 8 entities had signed the confidentiality undertakings. All the entities who submitted their EOI's enquired the RP regarding the application for renewal of mining leases pending with the government. Therefore RP on behalf of the corporate debtor addressed several communications to the Directors of mines and Geology, requesting to revive the mining leases which is adversely affecting the corporate debtor as no potential resolution applicant was willing to come forward with a resolution plan in the absence of the renewal of the mining lease from the government. 7. It is averred that in the 6th COC meeting RP informed the COC that he had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rred to initiate CIRP by the COC or by RP and to finalise any Resolution Plan time is required and hence praying the Tribunal to consider excluding the period from 27th August, 2018 (date of receipt of 1st EOI) to 08.01.2019 (date of GO's passed renewing the mining leases) from the 270 days CIRP period. 11. It is averred that there are approximately 300 employees working with the corporate debtor. If the liquidation order is passed by the Tribunal, then the applicant and the other members of COC and several employees working at the corporate debtor will be put to severe hardship. 12. Heard both sides. The applicant is financial creditor. This application is filed under section 60(5) of I&B Code. The applicant is seeking an order from Adju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d as Annexure A-11. The counsel contended Government of Telangana issued GO on 08.01.2019 reviving the mining lease in favour of corporate debtor. The copies of GO's are shown as Annexures A 12-A 14. 16. The counsel contended this Tribunal extended period of CIRP by another 90 days beyond 180 days vide order dated 10.01.2019 shown as Annexure A-15. Copy of EOI dated 27.07.2018 is marked as Annexure A-16. The learned counsel for applicant relied on the decision of Hon'ble NCLAT in the matter of Quinn Logistics India (P.) Ltd. (supra) and contended Hon'ble NCLAT passed order where Tribunal can exclude certain period from CIRP. Counsel contended Tribunal can exclude certain period from CIRP if there exist certain circumstances which would jus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by filing fresh plan for consideration. No doubt Hon'ble NCLAT in Quinn Logistics India (P.) Ltd. (supra) observed that certain period can be excluded from CIRP on any justifiable grounds. 19. Pendency of IA No. 551/2018 is not a ground for exclusion. It is filed against decision of RP in admitting the claims of certain financial creditors. There is ample time for any resolution applicant to submit resolution plan on or after 10.01.2019. 270 days already expired from the date of admission. No bidder came forward to bid for corporate debtor company. Had there been really resolution applicants for acquiring the corporate debtor company. Resolution plan would have been filed. When ample time is given for Prospective resolution applicants ye ..... X X X X Extracts X X X X X X X X Extracts X X X X
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