TMI Blog2020 (11) TMI 287X X X X Extracts X X X X X X X X Extracts X X X X ..... ended that lockdown period to be excluded from CIRP. The COC also approved the same. Therefore, there are grounds to allow the application for excluding the lockdown period from CIRP and as such CIRP to be completed by 06.09.2020. The application is allowed directing completion of CIRP by 06.09.2020. - IA No. 523/2020 in CP ( IB ) No. 679/7/HDB/2018 - - - Dated:- 30-7-2020 - Ratakonda Murali , Member ( J ) For the Appellant : B. Harinath Rao For the Respondent : N. Sridevi , Advocates ORDER Ratakonda Murali , Member ( J ) 1. This instant Interlocutory Application is filed by Dr. Madurai Sundaram Sankar/Resolution Professional of M/s. Neueon Towers Limited under Section 12(2) r/w Section 60(5) of Insolvency and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as appointed as Interim Resolution Professional and later he was confirmed as Resolution Professional in the 1st COC Meeting held on 01.07.2019 in terms of Section 22 of the Code. 3. On assuming charge as Interim Resolution Professional on 03.06.2019, the Applicant took various steps/actions as enumerated at para 3, page 7 of the Application. 4. It is averred in the 6th COC Meeting held on 15.10.2019, the prospective Resolution Applicants sought for extension of time for submission of their respective Resolution Plans. The COC Members have agreed the requests of the Prospective Resolution Applicants and extended the period for 60 more days i.e. from 20.10.2019 to 20.12.2019 to submit their resolution plans and advised the Applicant he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... E-voting was completed on 17.02.2020, so as to enable the Resolution Applicants to improve their bid amounts and submit their revised plans. 8. It is averred the Applicant herein had filed an Application bearing IA No. 206 of 2020 on 24.02.2020 before the Tribunal for seeking extension of CIRP for a further period of 60 days beyond 270 days, which is going to expire on 28.02.2020. The Hon'ble Tribunal allowed the application bearing IA No. 206 of 2020 and extended the CIRP period by another 60 days w.e.f. 29.02.2020 to complete the CIRP within a period of 330 days from the date of Insolvency Commencement date. 9. It is averred in the 12th COC meeting held on 24.02.2020, the COC invited the Indian advisor of the Resolution Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es for the approval of the Resolution Plan in the lock down situation moreover the signed Resolution Plan not received from the Resolution Applicants located in Hong Kong which is also affected by the Corona virus. The co-applicant Invent ARC is located at Mumbai which is also in Red Zone. It is averred unless and until the CIRP period is extended for further period upto 06.09.2020 taking the lockdown announced by the State of Telangana on 22.03.2020 and the MHA lockdown upto 31.07.2020. The balance 37 days from the original 330 days are with effect from 31.07.2020 to 06.09.2020. It is also averred no prejudice would be caused to any of the parties in the above said matter. 12. We have heard the Counsel for Resolution Professional. This ..... X X X X Extracts X X X X X X X X Extracts X X X X
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