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TMI Blog2018 (6) TMI 1665X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.2018 to its logical conclusion. 2. The applicant herein has prayed for the following reliefs: "(a) Exclude the time period of 22 days from the total time period for the corporate insolvency resolution process of the Corporate Debtor and extend the time period for the corporate insolvency resolution process of the Corporate Debtor by a further period of 22 days after July 23, 2018 in terms of section 60(5) of the IBC, 2016 such that the corporate insolvency resolution process for the Corporate Debtor can continue till 14th August, 2018; and (b) Pass any other order or orders which this Hon'ble Tribunal may deem fit in the facts and circumstances of the case in the interest of equity, justice and good conscience." 3. Heard Mr. K. Gosw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as many as seven meetings of CoC, last being on 11-06-2018. 7. On 06-04-2018, the RP approached this authority seeking extension of time beyond 180 days for completing the CIRP and this authority, on hearing the RP having regard to the various difficulties encountered in conducting the CIRP had granted time for completion of the CIRP which is to expire on 23.07.2018. 8. However, the RP, has now, again approached this Authority seeking further extension of time and in that connection, it has been submitted that on 11.04.2018, an advertisement was published by the applicant inviting Expression of Interest (in short, EoI) from Prospective Resolution Applicants (in short, PRA) requiring them to submit their bid so as to demonstrate their capa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the various stages the Financial Creditor served giving the time line about the progress of CIRP under consideration. For ready reference, same is reproduced below: October 2017 Srei Infrastructure Finance Limited as a financial creditor preferred an application under Section 7 of the Code before the N.C.L.T., Guwahati (Adjudicating Authority) praying initiation of the Corporate Insolvency Resolution Process against Assam Company India Limited, the Corporate Debtor. October 26, 2017 The N.C.L.T., Guwahati (Adjudicating Authority) was pleased to admit the insolvency petition filed by Srei Infrastructure Finance Limited as a financial creditor and directed commencement of the Corporate Insolvency Resolution Process, and declared morato ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived 9 E.O.I's from Prospective Resolution Applicants (PRA); however in view of the N.C.L.T., Guwahati order dated 23.4.2018 R.P. did not open E.O.I. April 29, 2018 Notice for Seventh meeting of the Committee of Creditors enclosing copy of the N.C.L.T. Guwahati order dated 26.4.2018 was sent out by the RP. May 2, 2018 CoC in its 7th Meeting by vote of 77.79%, after consideration of the matter, decided to keep eligibility criteria as it is and approach the NCLAT. May 8, 2018 The RP filed an appeal with the NCLAT in relation to the order of the Adjudicating Authority dated 26 April, 2018 May 10, 2018 The Hon'ble NCLAT was pleased to stay the said operation of the order of the Hon'ble NCLT dated 26 April, 2018 and it was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time some dragging the RP and COC to the Adjudicating Authority again and again which also profoundly interferes with work assigned to COC and RP. 14. According to the RP, if the period is not extended, as prayed for, to compensate the period, so lost in defending various steps, taken by the RP/COC, then the RP or for that matter COC may be handicapped in presenting proper resolution plan(s) which is certainly not in the interest of any of the stakeholders, involved in the proceeding under consideration. 15. Under all those circumstances, the RP has prayed for relief aforementioned. In support of his contention, he has relief on a decision of Hon'ble NCLAT in the case of Quinn Logistic India (P.) Ltd. Vs. Mack Soft Tech Pvt. Ltd. Relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Appellate Tribunal or order 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 cannot exceed 270 days which is the maximum time limit prescribed under the Code." 16. I have considered the submissions in the light of the materials available on record and decision relied on. On the perusal of the record, it is found that several proceedings have been filed by various authorities till date questioning the various steps taken by the RP thereby dragging the RP and COC to this authority. It is also tr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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