TMI Blog2020 (12) TMI 705X X X X Extracts X X X X X X X X Extracts X X X X ..... . The Government has announced several steps to infuse more liquidity and to get the businesses running again. We are convinced that these extraordinary circumstances justify the exclusion of time as prayed for. By allowing the time as prayed for, the RP would get the requisite time to complete the CIRP as per the Rules laid down in this regard, be able to maximize the value of assets and prevent the Corporate Debtor from going into liquidation. A period of 90 days shall be excluded and the CIRP period would get extended by 90 days w.e.f. 26.05.2020, to enable the RP to conclude the CIRP in respect of the Corporate Debtor - Application allowed. - I.A. No. 221 of 2020 in C.P. (IB) No. 209/BB/2019 - - - Dated:- 29-7-2020 - Rajeswara Ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s extended the CIRP period by a further period of 90 days starting from 26.02.2020 and the same was ended on 25.05.2020. (3) During the extension period, the Resolution Professional could not function due to unprecedented situation of COVID-19 and lockdown announced by the Government of India from time to time since 23.04.2020. (4) In the above situation, the RP has no option except to halt the process of CIRP as per the Code and its regulations therein. In view of the foregoing, the RP is seeking extension of time to complete the CIRP period and to submit a Resolution Plan to Adjudicating Authority as per the requirements of the Code. The proposed revised deadline of 270 days, considering lockdown period works out till 01.09.2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Order dated 27.4.2018 by NCLT, Hyderabad Bench, Hyderabad in matter of Quinn Logistics India Pvt. Ltd. Vs. Mack Soft Tech Pvt. Ltd. C.A. No. 93 of 2018 in CP (IB) No. 97/7/HDB/2017 ). Paras 9 and 10 of the aforesaid judgment read as under: 9. From the decisions aforesaid, it is clear that if an application is filed by the 'Resolution Professional' or the 'Committee of Creditors' or 'any aggrieved person' for justified reasons, it is always open to the Adjudicating Authority/Appellate Tribunal to 'exclude certain period' for the purpose of counting the total period of 270 days, if the facts and circumstances justify exclusion, in unforeseen circumstances. 10. For example, for following good groun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subsequently opened only partially in different parts of the state and in India. Due to severe liquidity crunch and dislocation of manpower, several businesses have shut down. Movement of men and material has been restricted. The Government has announced several steps to infuse more liquidity and to get the businesses running again. We are convinced that these extraordinary circumstances justify the exclusion of time as prayed for and are in accordance with the decision of the Hon'ble NCLAT referred to above. By allowing the time as prayed for, the RP would get the requisite time to complete the CIRP as per the Rules laid down in this regard, be able to maximize the value of assets and prevent the Corporate Debtor from going into liqui ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
