TMI Blog2018 (4) TMI 1819X X X X Extracts X X X X X X X X Extracts X X X X ..... orally directed the RP not to conduct any COC meeting till the date of final order on 19/03/2018) from the 90 days period in the order dated 24/01/2018. Application allowed. - I.A. 24/2018 In CP No.1061/2017 - - - Dated:- 18-4-2018 - Hon'ble Shri. M.K. Shrawat, Member (Judicial) And Hon 'ble Shri. Ravikumar Duraisamy, Member (Technical) For the Applicant: Senior Counsel Mr. Navroze Servai, A/W Advocate Vardhman Kaushik and Shahazad Irani. ORDER Shri. Ravikumar Duraisamy, IA No. 24/2018 in Company Petition No. (IB) 1061/2017 is filed by the Applicant/ Resolution Professional Mr. Rajendra K. Bhuta, praying for the following relief. That this Hon 'ble Tribunal be pleased to pass necessary orders/ clar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated 19/3/2018 was passed in the said MA approving Suraksha ARC as one of the Financial Creditors of the Corporate Debtor, accordingly the present application is preferred seeking necessary direction/order clarifying the time spent for final adjudication of the said MA i.e. 55 days (from the date of first oral direction dated 22/01/2018 and final adjudication of the same vide order dated 19 March 2018). 4. The Learned Senior Advocate also referred to item 6 of the minutes of the 5 COC meeting held on 5th April 2018 and item 5 of the minutes of the 6th COC meeting held on 09/04/2018. In item no 5, it was recorded that the said matter was called for hearing on 9/2/2018 and the matter was finally concluded on 18/3/2018. Hence, Union Bank of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... passed by the committee of creditors by a majority vote of 75% of the voting shares, instructing the resolution professional to file an application for extension of period in such case, in the interest of justice and to ensure that the resolution process is completed following all the procedures time should be allowed by the Adjudication Authority who is empowered to extend such period up to 90 days beyond 18dh day. 6 . For the aforesaid reasons, we set aside the impugned order dated 18th December, 2017 and extend the period of resolution process for another 90 days to be counted from today. The period between 181st day and passing of this order shall not be counted for any purpose and is to be excluded for all purpose. Now the Adjudicat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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