TMI Blog2019 (6) TMI 1541X X X X Extracts X X X X X X X X Extracts X X X X ..... ccept their resolution Plan and to restrain the Respondent No. 1 to initiate liquidation proceeding etc, which is also pending disposal. Therefore, it is just and proper to exclude the time as sought for in the interest of justice. Petition hereby disposed of by granting exclusion of time for a period of 194 days from 22.01.2019 till 03.08.2019, from the statutory period of 180+90 days which was expired on 22.01.2019. - IA. No. 294/2019 in C.P.(IB) No. 14/BB/2017 - - - Dated:- 20-6-2019 - Rajeswara Rao Vittanala , Member ( J ) And Dr. Ashok Kumar Mishra , Member ( T ) For the Appellant : Nischal Dev and Savan Godiawala, RP ORDER Rajeswara Rao Vittanala, Member (J) 1. IA No. 294 of 2019 in C.P(IB) No. 14/BB/2017 is fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... um dated October 6, 2018 and was submitted by the RP for approval of the members of the CoC of the Corporate Debtor. However, since the Resolution Applicant was unwilling to meet with commercial terms/requirements of the CoC, therefore, the CoC members were of the view that the Resolution Plan as submitted by Resolution Applicant should be rejected. Further, members of the CoC were of the view that the Resolution Plan also fails to balance the interest of all stakeholders. Even the resolution value proposed by the Resolution Applicant is much below the liquidation value. In the light of the above, and the fact that the CIRP period was going to end on January 26, 2019, the CoC agreed to liquidate the Corporate Debtor by majority of 99.3% per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us of the CIRP and steps taken by the RP to ensure that interest of employees are protected. On January 14, 2019, the Principal Secretary to the Government wrote to RP that the Union has requested the Government to conduct a high level meeting to discuss the revival of the Corporate Debtor and accordingly a meeting has been convened on January 22, 2019 under the Chairmanship of Hon'ble Minster of Large and Medium Scale Industries. The meeting scheduled for January 22, 2019 could not take place because of the unfortunate demise of Shri ShivakumarSwamiji. On February 11, 2019 meeting notice was sent by the Government scheduling a meeting on February 15, 2019 under the Chairmanship of the Hon'ble Minister of LMSI in the presence of Hon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hairmanship of the Hon'ble Chief Minister of Karnataka. In the meeting, it was decided that Falcon Tyres Employees Development Co-operative society will submit the resolution plan to the Government for their review. It has also been mentioned in the Memo that the Cooperative society has submitted the resolution plan to the Government, which is under review 8) On June 4, 2019, the Tribunal decided to adjourn the matter till June 10, 2019. During the course of the hearing on 10.06.2019, in order to further interest of the Employes and upon a discussion between the Union, Government and the RP, it was decided to file a joint application seeking exclusion of time from the CIRP from statutory period originally granted by the Tribunal. D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case of Quinn Logistics India Private Limited Vs. Mack Soft Tech Private Limited, CA No. 185/2018, vide order dated May 8, 2018, the Hon'ble NCLAT has dealt with the question of exclusion of certain time period for the purpose of counting the total CIRP period. Para 9 and 10 of the aforesaid judgment reads as under: 9. From the decisions aforesaid, it is clear that if an application is filed by the 'Resolution Professional' or the 'Committee of Creditors' or 'any aggrieved person' for justified reasons, it is always open to the Adjudicating Authority/Appellate Tribunal to 'exclude certain period' for the purpose of counting the total period of 270 days, if the facts and circumstances justify exclu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the Company rather than to send it for Liquidation. Since the Govt of Karnataka is also showing interest for revival of the Company for the interest of several employees depending on the Company. It is also relevant to point out here, IA No. 48 of 2019 is filed by M/s.Mapletree Leather Goods Private Limited, U/s 60(5) of the IBC, 2016, by inter seeking the direction to the Respondent to accept their resolution Plan and to restrain the Respondent No. 1 to initiate liquidation proceeding etc, which is also pending disposal. Therefore, it is just and proper to exclude the time as sought for in the interest of justice. 6. In the result, I.A. No. 294 of 2019 in C.P.(IB) No. 14/BB/2017 hereby disposed of by granting exclusion of time for a p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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