TMI Blog2020 (9) TMI 304X X X X Extracts X X X X X X X X Extracts X X X X ..... 180 days by further 90 days - It is further made clear that the computation of such extension of time period shall be computed in accordance with the Regulation 40C of IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020. This Adjudicating Authority deems it proper not to adjudicate upon the aspect of exclusion of period of 99 days at this point of time. However, Applicant/RP is at liberty to approach before this Adjudicating Authority at appropriate juncture of time, if desired so - Application disposed off. - IA No.471 of 2020 in CP (IB) No.492/07/HDB/2019 - - - Dated:- 7-7-2020 - K. Anantha Padmanabha Swamy, Member (J) For the Appellant : Sankarnarayana, Senior Counsel and Allwyn God ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ys granted for the CIRP of the Corporate Debtor accordingly, expires on 08.07.2020. d) That the time period for the CIRP of the Corporate Debtor is extended for a period of 90 days, after conclusion of the 180 days period on 08.07.2020 and the CIRP of the Corporate Debtor can continue till 07.10.2020. 2. Brief facts of the case as submitted by the Applicant are as follows: i. That this Adjudicating Authority vide its order dated 03.10.2019, admitted the Application filed under section 7 of the IBC, 2016 in CP (IB) No.492/7/HDB/2019 for CIRP of the Corporate Debtor i.e., KSK Mahanadi Power Limited and appointed Mr. Mahender Kumar Khandelwal as Interim Resolution Professional (IRP). Later he was replaced with Mr. Sumit Binani as Reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Excluded dates No. of days excluded 1. Exclusion period due to Covid-19 as per Supreme Court Order 15 March 2020 - 21 March2020 7 2. Exclusion period due to lockdown in Telangana 22 March 2020 - 07 June 2020 78 3. Period during which the IRP was directed not to conduct any CoC meeting in terms of the NCLT order dated 13 December 2019 13 December 2019 - 18 December 2019 6 4. Period for confirmation of the IBBI on replacement of the interim resolution professional with the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n under section 12(2) of Insolvency and Bankruptcy Code, 2016 before the National Company Law Tribunal, Hyderabad Bench, for extension of Corporate Insolvency and Resolution Process of the Corporate Debtor by 90 days. 3. Stating the above and circumstances, the counsel for the Applicant prayed to allow the instant Application for completion of CIRP. 4. RP/Applicant submitted that the present Application is bona fide one and the extension sought for is as provided under section 12(2) and (3) of Insolvency and Bankruptcy Code, 2016 and to meet ends of justice. Further, no prejudice will be caused to the parties herein. 5. Heard and perused the record. 6. The present Application is filed inter-alia seeking extension of 90 days' ..... X X X X Extracts X X X X X X X X Extracts X X X X
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