TMI Blog2020 (11) TMI 670X X X X Extracts X X X X X X X X Extracts X X X X ..... e Applicant herein is seeking exclusion of period lost due to outbreak of Covid-19 pandemic. Considering the submissions, facts and circumstances of case, interest envisaged by the Prospective Resolution Applicant for resolution of Corporate Debtor and in view of the decision of CoC in its 17th meeting dated 29.06.2020, as well as the economic scenario emerging due to COVID-19 pandemic and it's fall out, this Adjudicating Authority observes that exclusion of time period for completion of CIRP lost due to lockdown imposed by Central Government and State Government from time to time would be in the interest of all stakeholders, to allow the completion of CIRP rather than going for liquidation of the Corporate Debtor which should only b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... b) Allow the instant application and to grant extension of time of 120 days from 01.07.2020 to 28.10.2020 for completion of CIRP of Corporate Debtor after excluding the period spent on adjudication of this application i.e. from the date of filing of this petition i.e. 14.07.2020 till passing of the orders 2. The following are the brief facts of the case as submitted by the counsel for Applicant: 2.1 That this Adjudicating Authority admitted the Application filed under section 7 of the IBC, 2016 vide its order dated 15.05.2019 in CP (IB) No.616/7/HDB/2018 and appointed Mr. C. Bala Mouli as Interim Resolution Professional (IRP). Later he was confirmed as RP with approval of 95.83% of voting share of CoC members in its 1st meeting he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provision relating to time-line. Accordingly, the Resolution Professional has sought exclusion of the time period of 97 days i.e. from 25-03-2020 till 30-06-2020 in terms of regulation 40C. 2.6 That currently APGENCO one of the Resolution Applicants along with Vedanta Limited which is a Government Entity is seriously interested to submit resolution plan against Corporate Debtor and have been putting consistent efforts since beginning. 2.7 That the plant of the Corporate Debtor is located in Chhattisgarh and officials of APGENCO could not travel to the plant for verification of the Equipments due to the lock down imposed by the Central Government and travel restrictions. Further, with the resumption of the domestic flights, the officia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the following resolution for seeking extension of 120 days with a majority of 81.11% of voting shares for completion of CIRP Period. RESOLVED THAT the RP should file an application with NCLT seeking for extension of time for a period for four months Reiterating the above, the counsel for the Applicant prayed to allow the instant Application. 3. Heard and perused the record. 4. The present Application is filed inter-alia seeking exclusion of time period from 25.03.2020 to 30.06.2020 i.e., 97 days' time period for completion of CIRP of Corporate Debtor in accordance with Regulation 40C and further to grant an extension of 120 days from 01.07.2020 to 28.10.2020 for completion of CIRP of Corporate Debtor. 5. In this cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... days, and that it would be in the interest of all stakeholders that the corporate debtor be put back on its feet instead of being sent into liquidation and that the time taken in legal proceedings is largely due to factors owing to which the fault cannot be ascribed to the litigants before the Adjudicating Authority and/or Appellate Tribunal, the delay or a large part thereof being attributable to the tardy process of the Adjudicating Authority and/or the Appellate Tribunal itself, it may be open in such cases for the Adjudicating Authority and/or Appellate Tribunal to extend time beyond 330 days. 6. Keeping the guidance of the Hon'ble Supreme Court as above in view and considering the submissions, facts and circumstances of case, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
