TMI Blog2020 (1) TMI 1336X X X X Extracts X X X X X X X X Extracts X X X X ..... in Committee of Creditors of COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA OTHERS [ 2019 (11) TMI 731 - SUPREME COURT ] observed that even an extension beyond 330 days timeline as specified in the IB Code can be granted by the Adjudicating Authority under exceptional circumstances - the Supreme Court has observed that 330 days is the outer limit within which resolution of the stressed assets of the Corporate Debtor must take place. Thus, if the time is extended within the outer limit of 330 days, there is every likelihood that some Resolution Applicant may succeed for its acceptance and approval - the application so filed by RP is allowed by excluding 22 days from the CIRP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 31.05.2019 and was confirmed as Resolution Professional (hereinafter referred as RP ) in the same meeting. 2.3. It is stated by the applicant that on 17.07.2019, a notice was published on the website of the Corporate Debtor and a public announcement was made on 18.07.2019 in Economic Times-English (All India coverage), Navshakti- Marathi (Mumbai Edition) and Economic Times- Gujarati (Ahmedabad Edition) for inviting Expression of Interest from the prospective Resolution Applicants. The last date for submission of Expression of Interest was fixed as 12.08.2019, which was further extended to 22.08.2019. 2.4. It is stated by the applicant that the last date for submission of Resolution Plan was 03.10.2019 and accordingly, 7th CoC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplicants, the voting could not take place. 2.8. It is further stated by the applicant that 270 days of CIRP is ending on 28.01.2020 and within such a marginal time, it was not possible to evaluate and/or approve the plan by CoC. Hence, this application for exclusion of period so as to consider the prospective plan and to save the Corporate Debtor from liquidation. FINDINGS 3. Heard the RP, on perusal of the record it is found that CP (IB) 157 of 2018 was admitted by this Adjudicating Authority on 02.05.2019 and further, 90 days beyond 180 days was extended on 21.11.2019. The RP has moved this application for seeking exclusion for certain days as there is high probability of approval and/or acceptance a Resolution Plan and thereby, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Adjudicating Authority under exceptional circumstances. The Hon'ble Supreme Court has stated the same as under: 79. .....Likewise, even under the newly added proviso to Section 12, if by 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 he 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 dr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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