TMI Blog2019 (6) TMI 1556X X X X Extracts X X X X X X X X Extracts X X X X ..... directions. It is hereby held that the period of 210 days cannot be allowed and the same is hereby restricted to 150 days, because sufficient time had already been granted for completion of the insolvency process. This Application (MA 1616/2019) is partly allowed to be operative retrospectively w.e.f. 28.04.2019 for the purpose of calculation of 150 days as curtailed by this order. The Resolution Professional shall complete the process as early as possible and inform the progress on the next date of hearing, listed for 22.07.2019. - MA 1616/2019 in TCP (IB)-581(MB)/2017 - - - Dated:- 4-6-2019 - M. K. Shrawat , Member ( J ) ORDER M. K. Shrawat , Member ( J ) 1. MA 1616/2019: This Application is submitted on 26.04.2019 by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution plan received, decided to recommend liquidation and put to vote wherein only 2.36% favoured for liquidation, clearly indicating that the CoC is not in favour of liquidation of the Corporate Debtor. Item No. 7 of Agenda of Sixth CoC meeting held on 20.04.2019 is reproduced below: Item No. 7 IX. To consider Liquidation of the Corporate Debtor as no Resolution Plan has been received till date. The Chairman informed the members that the CIRP commenced on 9th April 2018 and with the approval of exclusion and extensions it is scheduled to conclude on 28th April 2019. The Chairman enumerated that efforts were made by the Resolution Professional, the Authorised Representatives and the Home buyers to find a solution, if not holi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al partner also did not progress as the prospective investors, after evaluation, decided that the risk is not worth the return that is possible. 7. There were also viability issues due to the change in DP and in two societies where the project claimants did a viability study spending their money, it emerged that unless the existing society members and the claimants were willing to settle for a smaller area or agree for a monetary sacrifice it was not possible to find a viable solution. 4. The Applicant cited a judgment by the Hon'ble Supreme Court in Writ Petition (Civil) No. 744 of 2017 Chitra Sharma Ors. v/s. Union of India Ors. wherein the Hon'ble Court has equated the purchase of a flat by a person to RIGHT TO LI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 days, if the facts and circumstances justify exclusion, in unforeseen circumstances. 7. Having heard the events took place in past few months and considering the peculiar circumstances of this case i.e. litigation pertaining to the assets of the Corporate Debtor is still going on due to which a resolution plan could not be obtained by the Resolution Professional, natural justice demands to give more time to make an attempt to invite an acceptable resolution plan. Side by side, the RP shall also try to resolve with the Societies a workable solution so that the grievance of the Home Buyers be redressed. However, it is expected that the Ld. RP shall expeditiously comply with the directions. 8. It is hereby held that the period of 210 d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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