9911796707
TMI Blog2019 (6) TMI 1541X X X X Extracts X X X X X X X X Extracts X X X X ..... gust 03, 2019,totally for 194 days from the computation of statutory period of the CIRP etc. 2. Brief facts of the case, as mentioned in the instant Application, which are relevant to the issue in question, are as follows: 1) M/s. Edelweiss Asset Reconstruction Company Limited, has filed C.P (IB) No. 14 of 2017, U/s 7 of I&B Code, 2016, R/w Rule 4 of the I&B(AAA) Rules, 2016, by inter alia seeking to initiate CIRP in the matter of M/s. Associate Decor Limited, on the ground that the Corporate Debtor failed to commit a default of Rs. 1,079,537,383/-. Accordingly, the Tribunal has admitted the case by an order dated 1st May, 2018 by appointing IRP Shri Vijay Kumar V.Iyer, imposing moratorium etc. Subsequently Mr.SavanGodiawala is appointed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 019. 3) The present Application is filed on the basis of the representation of the employees union of Falcon Tyres ("Union") as documented in the Memo to seek an exclusion of time period of 194 days i.e. from January 22, 2019 till August 03, 2019 from the computation of the total time period of the CIRP of the Corporate Debtor. January 22, 2019 is the day when the Ministry of Commerce and Industry, Government of Karnataka scheduled a meeting between its officials, Union and other stakeholders to discuss the issue of revival of the Corporate Debtor. Further, as communicated by the Government, July 03, 2019 is the day till when the Government needs to review the Resolution Plan submitted by the Union. After which, the RP will need one month ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tered co-operative society and amend the objectives/bye-laws of the cooperative society to enable it to run a factory. It was also decided that the Union should submit their resolution Plan to the Tribunal before 05.03.2019 and a committee was formed to guide the Union to file an application/proposal to the Tribunal. The Tribunal by an order dated 05.03.2019 directed the RP to furnish all papers relevant to the assessment of the Corporate Debtor to the Union. The RP complied with the directions of the Tribunal. On 22.03.2019, another meeting was scheduled by the Government. 6) Subsequently, the Government through a meeting notice dated 23.04.2019 convened another meeting to be held on 25.04.2019. However, this meeting could not take place ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upport for resolution of the Corporate Debtor. c) Subject to points (a) and (b) above, he has no objections to the memo being filed for exclusion of time period from the CIRP of the Corporate Debtor. d) He has received no directions from the CoC in this regard. e) He shall abide by the specific directions of this Tribunal in this regard. 9) Further, the Hon'ble NCLAT has, on several instances, passed orders allowing for certain time periods to be excluded from the computation of total time period for the CIRP. In the matter of Quinn Logistics India Put. Ltd Vs. Mack Soft Tech Put. Ltd and Ors. (2018) 144 CLA 484, the NCLAT stated as follows: "For following good grounds and unforeseen circumstances, the intervening period can b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 insolvency resolution process. (iv) 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 corporate insolvency resolution process ..... X X X X Extracts X X X X X X X X Extracts X X X X
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