TMI Blog2020 (10) TMI 275X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal and our coordinate Bench of NCLT Chandigarh, whereby the period of lock-down has been ordered NOT to be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown in relation to a corporate insolvency resolution process, let us now revert back to the only question involved in the present set of facts and circumstances - Here in this case, the CIRP came to an end once the Resolution Plan had already been approved by the CoC, and thereafter by this Adjudicating Authority. The only issues that the Resolution Applicant has is, the litigation with other local authorities, which led him to file some litigation and the said litigation has delayed the execution of the Resolution Plan. For the delay in fighting litigation with other local authorities, no provision of the IBC could be invoked. That is a matter between the Resolution Applicant and the other third parties, for which no such permission or extension of time was required from this Adjudicating Authority. But since the Applicant has filed an application under Section 60(5), of the Code, even though these provisions could not have been invoked, but looking at the special circum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion with the Committee of Creditors (CoC), the final Resolution Plan was submitted on 04.11.2019 and the same was approved by this A/A vide order dated 25.11.2019, whereby the successful Resolution Applicant had undertaken to run the plant within 6 months from the date of approval of resolution plan after taking immediate steps for repair and maintenance of the plant. 4. The Applicant submits that the entire money, as per the Resolution Plan, has already been paid to all the stakeholders i.e., towards the CIRP cost, to State Bank of India (SBI), the sole Financial Creditor to the Operational Creditors a sum of ₹ 11.07 Crores as per commitment made therein. As regards introduction of Resolution Applicant's directors, an application has already been made before the Registrar of Companies (ROC), Kolkata, for effecting necessary change directors. With regard to the production status, it is ready to generate supply 3.3 MW of electricity instantly once the Power Purchase Agreement (PPA) got active. Similarly, with regard to the electricity connection to the plant, in spite of the Resolution Applicant's repeated requests through number of letters personal follow up, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on/letters have been sent by the Chairman of the Monitoring Committee as well as the Resolution Applicant to the concerned authority of OPTCL and Gridco as per letter dated 27.11.2019, 11.02.2020, 05.05.2020 for power restoration to the said plant for testing of its machinery and other allied activities to commence the operation of the said 5 MW Solar Power Plant. The Resolution applicant have engaged 14 number of persons in the said plant located in the Balangir district of Odisha for its necessary revival and have incurred day to day expenses for maintenance of the said plant as well as the security personnel. Similarly, various letters are stated to have been written to various authorities including the Chief Secretary, the State Govt. of Orissa to give necessary permission of deployment of people in the lockdown period for day to day activities in the unit, and that the Resolution Applicant will be able to restart the plant within a period of 6 months from the date of expiry of 6 months from the approval of the Resolution Plan by the Adjudicating Authority. 8. The Applicant states and submits that apart from the aforesaid, due to present prevailing circumstances arising out ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ating Authority, the Resolution has executed a major portion of the plan, and performed almost all its responsibilities as per the Resolution Plan. Even though, during the course of arguments, the learned counsel could not produce any need of such an application for such a relief, but on a deeper thinking, and on perusal of various aspects, including the decisions of Hon'ble Supreme Court, Hon'ble National Company Law Appellate Tribunal, and a favourable decision given by the N.C.L.T. Chandigarh Bench, allowing extension of time in the circumstance out of control, like pandemic situation like Covid-19, we wish to discuss the question at length. 11. The only question that falls for consideration in the present case is : Whether a successful Resolution Applicant can file an application under the provisions of Section 60(5) of the Code, for extending the time stipulated for complying with the terms and conditions mentioned in the Resolution Plan. In this regard, it is worthwhile to question whether there was any need for the applicant to come forward by way of this application for seeking extension of time at all, particularly when he has already completed more or less ever ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal Company Law Tribunal or in Appeal before this Appellate Tribunal. (2) It is further ordered that any interim order/ stay order passed by this Appellate Tribunal in anyone or the other Appeal under Insolvency and Bankruptcy Code, 2016 shall continue till next date of hearing, which may be notified later. 12. The learned counsel for the applicant relied upon case, IA No. 184 and 185 of 2020 In CP (IB) No. 30/Chd/Pb/2017 (Admitted) THE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, The Hon'ble Bench, held as under :- 8. In the circumstances and since the facts are not disputed by the respondents and in view of the orders of the Hon'ble Supreme Court of India and the National Company Law Appellate Tribunal and the new Regulations issued by the Insolvency and Bankruptcy Board of India, the entire lockdown period i.e. from the date of imposition of lockdown by the Government of India till the reopening of National Company Law Tribunal, Chandigarh Bench, on regular basis, after removal of the lockdown, be excluded, from the compliances required to be made under order dated 13.03.2020 in CA No. 893/2019, passed by this Tribunal and in relation to the Corporate I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o a corporate insolvency resolution process. 14. Having gone through all the aforesaid decisions from the Hon'ble Supreme Court, Hon'ble Appellate Tribunal and our coordinate Bench of NCLT Chandigarh, whereby the period of lock-down has been ordered NOT to be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown in relation to a corporate insolvency resolution process, let us now revert back to the only question involved in the present set of facts and circumstances. Here in this case, the CIRP came to an end once the Resolution Plan had already been approved by the CoC, and thereafter by this Adjudicating Authority. The only issues that the Resolution Applicant has is, the litigation with other local authorities, which led him to file some litigation and the said litigation has delayed the execution of the Resolution Plan. For the delay in fighting litigation with other local authorities, no provision of the IBC could be invoked. That is a matter between the Resolution Applicant and the other third parties, for which no such permission or extension of time was required from this Adjudicating Authority. But since th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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