TMI Blog2021 (1) TMI 652X X X X Extracts X X X X X X X X Extracts X X X X ..... nable in view of the fact that the lockdown commenced more than 2 (two) months after the period of CIRP had expired. It is settled law that the timeline provided under Section 12 for completion of the CIRP needs to be adhered to unless extended by the Adjudicating Authority - In this case there has been no such extension beyond 16th January, 2020. In the absence of any reason whatsoever, much less satisfactory, this Authority is not inclined to accord any indulgence to the Applicant for condoning the unexplained delay in submitting the Resolution Plan. It is settled law that a person/party who sleeps over his/its rights does not deserve any equitable relief. Delay, as is settled, defeats equity. The Application does not merit any conside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r dated 30th January, 2020 in MA No. 183 of 2020 excluded the period of 60 days from the CIRP with effect from 18th November, 2019. This in effect extended the CIRP from 16th January, 2020 to 16 March, 2020. The Applicant could not submit an EOI nor a Resolution Plan by that date either. It only on 4th June 2020 sent an email to the Resolution Professional (RP) requesting him to accept the EOI and to place the Resolution Plan before the CoC. The Respondent by his email dated 6th June, 2020 declined to accept the same and intimated that the last date of submission of EOI had expired and in the absence of any viable Resolution Plan the CoC has resolved to liquidate the Corporate Applicant. 3. It is submitted in the Application that in view ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution Plan being submitted by the Applicant, and to place the same before the Committee of Creditors for their consideration in terms of IBC. iii) Exclude the period of lockdown and the time spent in the process between the date of resolution passed till the date of submission of resolution plan by the Applicant to the RP. iv) Costs of this Interlocutory Application. 4. The Respondent (RP) appeared but did not file any counter to the Application. We have heard the Learned Counsel for the Applicant as well as RP on the Application. 5. The Company Petition No. 350 of 2019 was admitted on 22nd April, 2019. According to Section 12 (1) of the Code the CIRP shall be completed within the period of 180 days from the date of admissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to the Covid-19 Pandemic commenced on the midnight of 24th/25th March, 2020. The Hon'ble Apex Court in Suo-motu Writ Petition no. 3 of 2020 extended the limitation due to the Covid-19 Pandemic with effect from 15th March, 2020. In the instant case however, the CIRP period got over on 16th January, 2020. No reason whatsoever is assigned by the Applicant as to why either the EOI or the Resolution Plan was not submitted by that date. The reason that due to the intervening Pandemic it could not submit any EOI or Resolution Plan is not tenable in view of the fact that the lockdown commenced more than 2 (two) months after the period of CIRP had expired. It is settled law that the timeline provided under Section 12 for completion of the CIRP ..... X X X X Extracts X X X X X X X X Extracts X X X X
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