TMI Blog2019 (6) TMI 1557X X X X Extracts X X X X X X X X Extracts X X X X ..... No.7229 7230 on 01.05.2019. Therefore, stay is deemed to have been vacated by order of dismissal of CRP No. 7229 7230 of 2018. Hon'ble NCLAT held in the matter of QUINN LOGISTICS INDIA PVT. LTD. VERSUS MACK SOFT TECH PVT. LTD., MOHD. SABIR PARVEZ AND MR. M.L. JAIN, (RESOLUTION PROFESSIONAL) [ 2018 (6) TMI 904 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI ] held that in certain cases some period to be excluded from CIRP - One of the grounds mentioned for exclusion is that when CIRP is stayed by a court of law, Adjudicating Authority or Appellate Tribunal or Hon'ble Supreme Court. Relying on the decision of Hon'ble NCLAT, the period during which stay was in force i.e from 06.12.2018 to 01.05.2019 i.e. till the da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sequently, Hon'ble High Court, Telangana granted interim stay on CIRP vide order No. CRP. No. 7231 of 2018 dated 06.12.2018 due to which CIRP came to a standstill within two days of its commencement. 4. That Hon'ble High Court, Telangana vide order dated 01.05.2019 in CRP No. 7229 and 7231 of 2018 vacated the interim stay on the CIRP. 5. It is the case of Applicant that though the Public Announcement was carried out on 07.12.2018, the IRP did not receive any claim from any of the Creditors and stakeholders and that the Petitioner / Financial Creditor who initiated the main petition also could not submit his claim to IRP. It is also his case that due to stay order, no action was taken by the IRP. 6. It is averred, CIRP perio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t was appointed as IRP. 10. It is the case of Applicant that he made public announcement on 7th December 2018 inviting submission of claims, which is shown as Annexure- B. 11. It is the case of Applicant, Hon'ble High Court of Telangana passed interim order of stay of all further proceedings in this case bearing CP (IB) No. 145/7/HDB/2018 including appointment of IRP dated 06.12.2018. The order of the Hon'ble High Court of Telangana is shown as Annexure-C. By virtue of interim stay, all further proceedings were stayed and CIRP has come to standstill. It is also the case of IRP, Hon'ble High Court of Telangana disposed of CRP bearing No. 7229 7231 of 2018 on 01.05.2019 and interim order stands vacated and CRPs were dismis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he '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. (v) If the corporate insolvency resolution process is set aside by the Appellate Tribunal or order of the Appellate Tribunal is reversed by the Hon'ble Supreme Court and corporate insolvency resolution process is restored. (vi) Any other circumstances which justifies exclusion of certain period. One of the grounds mentioned for exclusion is that when CIR ..... X X X X Extracts X X X X X X X X Extracts X X X X
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