TMI Blog2020 (2) TMI 1390X X X X Extracts X X X X X X X X Extracts X X X X ..... Process of the Corporate Debtor M/s. Alpine Realtech Private Limited by another 50 days from today, which will be the final opportunity to reach a Resolution, if any. Application allowed. - I.A. 1048/2020 C.P. No. (IB)-1221(ND)/2018 - - - Dated:- 18-2-2020 - Dr. Deepti Mukesh, Member (J) and L.N. Gupta, Member (T) For the Appellant : Abhishek Anand For the Respondent : Viren Sharma, Advocates ORDER L. N. Gupta, Member (T) This is an application filed by Ms. Anju Agarwal, Interim Resolution Professional of M/s. Alpine Realtech Private Limited under Section 60(5) of Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the Code ) for seeking extension of 50 days in the CIR Process period. 2. That the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9.2019 PENDING BEFORE HON'BLE ADJUDICATI NG AUTHORITY 146 2. CA. NO. 1584 (ND) OF 2019 FILED BY INTERIM RESOLUTION PROFESSIONAL 26.11.2019 ORDER PASSED ON 12.02.2019 16 3. CA. NO. 102 (ND) OF 2020 FILED BY AXIS BANK AGAINST REJECTION OF CLAIM AS FINANCIAL CREDITOR 06.01.2020 PENDING BEFORE HON'BLE ADJUDICATI NG AUTHORITY 29 4. APPLICATION FILED BY PNB HOUSING FINANCE LIMITED AGAINST REJECTION OF CLAIM AS FINANCIAL CREDITOR 24.01.2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h mandatorily requires the CIRP to end by a certain date - without any exception thereto - may well be an excessive interference with a litigant's fundamental right to non-arbitrary treatment under Article 14 and an excessive, arbitrary and therefore unreasonable restriction on a litigant's fundamental right to carry on business under Article 19(1)(g) of the Constitution of India. This being the case, we would ordinarily have struck down the provision in its entirety. However, that would then throw the baby out with the bath water, inasmuch as the time taken in legal proceedings is certainly an important factor which causes delay, and which has made previous statutory experiments fail as we have seen from Madras Petrochem (supra). T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reason of all the aforesaid factors the grace period of 90 days from the date of commencement of the Amending Act of 2019 is exceeded, there again a discretion can be exercised by the Adjudicating Authority and/or Appellate Tribunal to further extend time keeping the aforesaid parameters in mind. It is only in such exceptional cases that time can be extended, the general rule being that 330 days is the outer limit within which resolution of the stressed assets of the corporate debtor must take place beyond which the corporate debtor is to be driven into liquidation. 9. In the present case, the significant time being consumed in the litigation, which was beyond the control of the IRP, and the fact that it has the possibility of Resoluti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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