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TMI Blog2021 (1) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... low the Resolution Professional to call for CoC meetings to deliberate and vote on the Resolution Plan received from M/s. Earthin Projects Ltd and file necessary application/memos before this Tribunal within 60 days from the date of orders of this Tribunal; or b) An exclusion of 54 days from the CIRP period which was ended on 04.02.2020 to enable the Resolution Professional to conduct necessary meetings of Committee of Creditors to deliberate and vote on the Resolution Plan to be provided by M/s. Earthin Projects Ltd. 2. Brief facts of the case as stated by the counsel for Applicant are as under: a. That this Adjudicating Authority has admitted the Corporate Debtor herein for CIRP upon Application under section 7 of the IBC, 2016 vide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allowed the exclusion of 8 days from the CIRP period. e. That in view of 66% voting of CoC members for extension of CIRP. the RP once again filed an Application for exclusion of another 7 days from the CIRP period, this Adjudicating Authority allowed the same from the computation of CIRP period. f. The following are the important dates and details of CIRP period of the Corporate Debtor as stated: Date of Admission of CIRP 25.02.2019 Delay of 8 days Date of Appointment of IRP 05.03.2019 Date of 1st CoC meeting 18.04.2019 Delay of 61 days Date of Order of Appointment of RP 04.06.2019 Date when Order was made avai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etails of the members given their consent are given below in table: Sl. No Name of Bank/Financial Institution Voting percent age Status 1 State Bank of India 24.51 Approval mail received 2 Indian Overseas Bank 6.24 Approval mail received 3 UCO Bank 4.95 Approval mail received 4 Edelweiss ARC Ltd 11.54 Approval mail received 5 SREI Infrastructure Finance Ltd 2.19 Approval mail received 6 Syndicate Bank 5.55 Approval mail received 7 Canara Bank 5.03 Approval mail received 8 Central Bank of India 3.20 Approval mai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a large part thereof being attributable to the tardy process of the Adjudicating Authority and/or the Appellate Authority itself it may be open in such cases for the Adjudicating Authority and/or Appellate Tribunal to extend time beyond 330 days. And the NCLT Mumbai Bench in the matter of ICICI Bank Vs. Unimark Remedies in MA No. 1529 of 2018 wherein it has held as under: "8. Now the point is whether the Resolution Plan of the Applicant can be considered at this belated hour or should the same be rejected even without looking into the same. In our view of the case and keeping in view the very object of the Code, when there is a clash/conflict between the Regulations which are formed only for the jest implementation of the Code. Purely ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for stakeholders, the resolution plan received by the RP from Earthin Projects Limited (Resolution Applicant) shall be discussed and deliberated by the CoC to enable the Corporate Debtor to revive and continue as going concern. m. Counsel for the Applicant further filed a memo on behalf of RP by way of email in the registry on 05.06.2020, stating that the instant Application has been filed on account of receipt of a new Resolution plan from M/s. Earthin Projects Limited (Resolution Applicant) and after obtaining due approval of the majority of members of CoC for deliberating and voting on the said Resolution plan. The Resolution Applicant had deposited an amount of Rs. 2,00,00,000/- (Rupees Two Crores Only) towards part EMD vide Demand Dr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ys from the insolvency commencement date, including extensions and the time taken in legal proceedings. However, on the facts of a given case, if it can be shown to the Adjudicating Authority and/or Appellate Tribunal under the Code that only a short period is left for completion of the insolvency resolution process beyond 330 days, and that it would be in the interest of all stakeholders that the corporate debtor be put back on its feet instead of being sent into liquidation and that the time taken in legal proceedings is largely due to factors owing to which the fault cannot be ascribed to the litigants before the Adjudicating Authority and/or Appellate Tribunal, the delay or a large part thereof being attributable to the tardy process of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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