TMI Blog2020 (10) TMI 268X X X X Extracts X X X X X X X X Extracts X X X X ..... which have adversely impacted the CIRP process. As submitted by RP a Resolution Plan is ready to be voted upon by the members of CoC, and if the exclusion for the period as prayed for is not allowed, the Corporate Debtor will be driven to liquidation. Considering the exceptional circumstances of this case, this Adjudicating Authority is satisfied with the reason as mentioned and therefore deems it proper to grant an exclusion of 102 days from the CIRP period, as this will be in the interest of all the stakeholders of the Corporate Debtor - Application allowed. - IA No. 233/2020 in CP (IB) No. 666/07/HDB/2018 - - - Dated:- 4-3-2020 - K. Anantha Padmanabha Swamy , Member ( J ) And Dr. Binod Kumar Sinha , Member ( T ) For the App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... National Bank along with others had filed an application against the Applicant/RP in IA No. 967/2019 challenging the admission of claim of Stressed Assets Stabilization Fund and sought for revision in the voting rights among the members of CoC. The decision in the said IA would affect the voting pattern of the CoC. 2.4 The said LA. was listed for hearing on 01.11.2019 and the Applicant herein had filed counter. The other Respondents also filed their counter and one of the Respondents namely Stressed Asset Stabilization Fund had filed a detailed counter opposing the grant of any relief by this Adjudicating Authority. 2.5 That in the event of this Adjudicating Authority considering the claim of the Punjab National Bank and other member ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unds for exclusions, has held as under-- For example, for following good grounds and unforeseen circumstances, the intervening period can be excluded for counting of the total period of 270 days of resolution process-- (i) If the corporate insolvency resolution process is stayed by a court of law or the Adjudicating Authority or the Appellate Tribunal or the Hon'ble Supreme Court. (ii) If no 'Resolution Professional' is functioning for one or other reason during the corporate insolvency resolution process, such as removal. (iii) 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 corporate ins ..... X X X X Extracts X X X X X X X X Extracts X X X X
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