TMI Blog2020 (12) TMI 839X X X X Extracts X X X X X X X X Extracts X X X X ..... l for RP requested the Tribunal to exclude lockdown period from the CIRP - Actually days lost due to lockdown was 62 days i.e. from 25.03.2020 to 25.05.2020. These 62 days lost in the lockdown period is to be added from 01.08.2020. Thus CIRP of 270 days to be completed by 01.10.2020. Application disposed off. - IA No. 686/2020 in CP(IB) 651/7/HDB/2018 - - - Dated:- 10-9-2020 - Ratakonda Murali, Member (J) And Veera Brahma Rao Arekapudi, Member (T) For the Appellant : K.V. Srinivas ORDER Ratakonda Murali, Member (J) 1. This Interlocutory application bearing IA.No. 686/2020 is filed by Resolution Professional under section 12 of the Insolvency and Bankruptcy Code, 2016 Read with Regulation 40 of Insolvency and Bankrupt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dential undertakings envisaged under Regulation 36A(7) of IBBI (Insolvency Process for Corporate Persons) Regulations, 2016 and the last date for submission of the Resolution plan by the Prospective Resolution Applicants was 29th March, 2020. 7. It is averred that the prospective resolution applicants requested time to submit the plan due to the prevailing Covid-19 and the COC in its meeting dated 26th March, 2020 decided to extend the last date for submission of resolution plans to 28th April, 2020. 8. It is averred that the prospective resolution applicants again requested time in submitting the Resolution plan and the COC in its meeting-held on- 15th June, 2020 decided to extend time till 10th July,- 2020. Resolution professional h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om 25.03.2020 till 31.07.2020(128 days) from the maximum CIRP period of 330 days. 11. We have heard the counsel for RP and also the RP. This application is filed for exclusion of lockdown period from 25.03.2020 till 31.0.7.2020 (128 days). 12. Applicant stated that GIRP could not be completed because of the reason that the prospective resolution applicants are seeking extension of time citing difficulties faced by them due to Covid-19 pandemic situation. 13. The applicant earlier filed an application for extension of CIRP by 90 days beyond 180 days. This Tribunal has extended CIRP by 90 days with effect from 26.02.2020. 14. The CIRP in the normal course should have been completed by 25.05.2020. However lockdown started from 25.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
