TMI Blog2019 (10) TMI 1365X X X X Extracts X X X X X X X X Extracts X X X X ..... the CIRP. Since the position has been clarified and settled by the Hon'ble Apex Court in Jaipur Metals Electricals Employees Organization Vs. Jaipur Metals Electricals Ltd. [ 2018 (12) TMI 674 - SUPREME COURT] and looking to the object of the IB Code as the time is essence. The RP is directed to complete the CIRP within a stipulated time. However, the period which is consumed during t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngly filed the instant application. The notice was issued to the Suspended management and OL on 23.08.2019 to file his report informing the status of the liquidation. The Learned CA appearing on behalf of the Suspended management fairly conceded the fact and submitted that in view of the order of the Hon'ble Supreme Court, they will take necessary steps before Hon'ble High Court of Mumb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ew that the NCLT was absolutely correct in applying section238 of the Code to an independent proceedings instituted by a secured Financial Creditor, namely, the Alchemist Asset Reconstruction Company Ltd. These being the case, it is difficult to comprehend how the High Court could have held that the proceedings before the NCLT were without jurisdiction. On this score, therefore, the High Court jud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sence. The RP is directed to complete the CIRP within a stipulated time. However, the period which is consumed during the disposal of IA 331/2019 is exempted from the CIRP in view of the order made in Arcelormittal case i.e. from 24.05.2019 to 16.10.2019. Meanwhile, the Suspended management is also directed to take an appropriate step before the Hon'ble High Court, wherein, winding up appli ..... X X X X Extracts X X X X X X X X Extracts X X X X
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