TMI Blog2019 (11) TMI 1493X X X X Extracts X X X X X X X X Extracts X X X X ..... . - CA No. 840/C-III/ND/2019 in IB-1440 (ND)/2018 - - - Dated:- 14-11-2019 - Mohd. Sharief Tariq, Member ( J ) And Kapal Kumar Vohra , Member ( T ) For the Appellant : Priya Pathania, Ami Jain , Vaibhav Sethi and Bhanu Gulati , Advocates For the Respondents : Sumant Batra and Kiran Sharma , CS ORDER 1. The Ld. Counsel for the Resolution Applicant viz., Haldiram Snacks Pvt. Ltd., in consortium with Pioneer Securities Private Limited is present. At this stage, Ld. Counsel for Resolution Professional caused appearance and accepted the notice. 2. The Counsel for the Resolution Applicant seeks directions inter alia to the Resolution Professional to place the revised offer of the Resolution Applicant dated 04.11.2019 bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the maximum period of time provided under second proviso to Section 12 I B Code, 2016. The Ld. Counsel for the Resolution Professional has submitted that the amendment that came into effect on 16.8.2019 has two implications. One is about the category of those cases in which the CIR Process was initiated prior to the amendment; second is about the category of those cases in which the CIR Process is initiated after the amendment. In relation to first category, the maximum period for CIR Process is 270 days, plus 90 days, which may be granted under third proviso of Section 12. In relation to second category, the mandatory maximum period for CIR Process is 330 days including exclusion of time, if any, spent in litigation. 5. The Ld. Counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atter was mentioned on 8.11.2019. But due to holidays, the matter was not taken up, therefore, the Resolution Applicant should not suffer and the Resolution Plan which the CoC may consider viable and suitable should not be ignored due to the paucity of time which will defeat the very purport and object of the I B Code, 2016. 8. In view of the submissions made by Counsel for the Resolution Applicant and the Counsel for the Resolution Professional, the period of CIR Process in relation to the Corporate Debtor is hereby extended for three weeks from the date of passing of this order. Accordingly, the Resolution Professional is directed to issue short notice to the CoC for convening its meeting to consider the improved Resolution Plan as pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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