TMI Blog2020 (9) TMI 1073X X X X Extracts X X X X X X X X Extracts X X X X ..... eme Court, the CIRP to start afresh from today. The Corporate Insolvency Resolution Process to start afresh from today i.e. 25.02.2020. That the public announcement of the initiation of Corporate Insolvency Resolution Process shall be made immediately as prescribed under section 13 of Insolvency and Bankruptcy Code, 2016 - Application allowed. - CP (IB) No. 109/9/HDB/2017 - - - Dated:- 25-2-2020 - Ratakonda Murali, Member (J) and Narender Kumar Bhola, Member (T) For the Appellant : Gunaranjan, N.V. Shravan Kumar For the Respondent : DVAS Ravi Prasad and Sridhar M., Advocates ORDER Ratakonda Murali, Member (J) 1. A memo dated 28.01.2020 is filed by Petitioner / Dr. Reddy's Laboratories Limited/ Petitioner he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... od of limitation for filing a review before the Hon'ble Apex Court ended on 18.01.2020 and that Corporate Debtor allegedly disposed of significant part of its assets in the interregnum. 6. The Petitioner, thus requested the Tribunal to take the above orders on record and subsequently appoint an IRP and further exclude the time from 22.08.2017 till the date of appointment of IRP viz. the period lost in the legal proceedings and to thereby extend the period of CIRP. 7. We heard the Counsel for Petitioner. The matter was listed on 04.02.2020 consequent to Hon'ble Apex Court order dated 21.10.2019 vide which this Tribunal order dated 22.08.2017 admitting the petition was ordered to be restored. Subsequently, this Tribunal directed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngs pending against him. He shall file his written communication and consent in Form-2 before Registrar of this Tribunal but not later than two days. 10. Further, Learned Counsel for Petitioner would contend that erstwhile IRP could not take any action after assuming charge because of legal hurdles as stated above. Now the order dated 22.08.2017 is restored to the file of this Tribunal by aforesaid order of Hon'ble Apex Court and the IRP appointed has to start the process immediately. We have perused the order of Hon'ble NCLAT dated 16.10.2017 in Company Appeal (AT) (Insolvency) No. 190 of 2017. It is true that Hon'ble NCLAT by referring to the decision in Uttam Galva Steels Limited , set aside the order of this Tribunal dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er reason during the Corporate Insolvency Resolution Process, such as removal. (c) The period between the date of order of admission/moratorium is passed and the actual date on which the Resolution Professional takes charge for completing the CIRP. (d) 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 CIRP. (e) If the CIRP is set aside by the Appellate Tribunal or order of the Appellate Tribunal is reversed by the Hon'ble Supreme Court and CIRP is restored. (f) Any other circumstances which justifies exclusion of certain period. It is clear as per ground (f) ab ..... X X X X Extracts X X X X X X X X Extracts X X X X
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