TMI Blog2021 (2) TMI 445X X X X Extracts X X X X X X X X Extracts X X X X ..... ys to 330 days. In the facts of the present case, it is evident from the records that CIRP extension was already granted once for a period of 60 days from 18.01.2020 till 18.03.2020 and thereby the 240 days period of CIRP came to an end on 18.03.2020. The second proviso to sub-section 3 of Section 12 of the IBC, 2016 states that the CIRP shall be mandatorily completed within a period of 330 days from the Insolvency commencement date, including any extension of the period of the CIRP granted under this section and the time taken in the legal proceedings - thus, it can be inferred from the second proviso to subsection 3 of Section 12 of the IBC, 2016 that after granting extension once for a maximum period of 90 days, and upon 270 days of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e above application has been preferred by the Resolution Professional under section 12 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as IBC, 2016 ) seeking for the following relief; (i) To exclude the CIRP timeline of 27 days from the available 60 days exclusion timeline for approval of Resolution Plan; (ii) To pass such other orders or further orders which may deemed to be fit and proper in the interest of justice. 2. It is averred in the application that the Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor viz. M/s. Srivari Alloys India Pvt. Ltd., by this Tribunal on 16.07.2019 and one Mr. M.S. Sankar was appointed as Interim Resolution Professional (IRP). Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Ltd. had filed the Resolution Plan with the Applicant herein on 24.12.2019 and after verifying the same as to whether the Resolution Plan is in compliance with IBC, 2016, the Applicant forwarded the same to the CoC for its action. 4. It is averred in the Application that the CoC in its 5th CoC meeting held on 10.01.2020 suggested certain modifications to the Resolution Plan and also requested the Resolution Applicant to submit the revised Resolution Plan on or before 24.01.2020. In the meantime, the 180 days of the CIRP was about to expire on 18.01.2020, the CoC recommended for seeking extension of the CIRP for a further period of 60 days. Accordingly, the Applicant filed MA/57/2020 and this Tribunal vide order dated 20.01.2020 exten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the IBC, Amendment Act, 2019, which came into force on 06.08.2019 and for the sake of brevity Section 12 of IBC, 2016 is extracted hereunder; 12. Time-limit for completion of insolvency resolution process. - (1) Subject to sub-section (2), the corporate insolvency resolution process shall be completed within a period of one hundred and eighty days from the date of admission of the application to initiate such process. (2) The resolution professional shall file an application to the Adjudicating Authority to extend the period of the corporate insolvency resolution process beyond one hundred and eighty days, if instructed to do so by a resolution passed at a meeting of the committee of creditors by a vote of sixty-six per cent o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P extension, beyond the stipulated period of 180 days, shall be granted only once, not exceeding 90 days. However, the IBC, Amendment Act, 2019 fails to address on how this Tribunal can treat the Applications which seek for CIRP extension beyond the period of 270 days to 330 days. 9. In the facts of the present case, it is evident from the records that CIRP extension was already granted once for a period of 60 days from 18.01.2020 till 18.03.2020 and thereby the 240 days period of CIRP came to an end on 18.03.2020. The second proviso to sub-section 3 of Section 12 of the IBC, 2016 states that the CIRP shall be mandatorily completed within a period of 330 days from the Insolvency commencement date, including any extension of the period o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the Applicant submitted that he sought to exclude the period from 19.03.2020 till 24.03.2020 (6 days) and from 01.09.2020 to 21.09.2020 (21 days), a total of 27 days from the period of CIRP. Also, the Learned Counsel for the Applicant sought advantage of Regulation 40C of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for the period from 25.03.2020 till 31.08.2020, to be excluded on account of lockdown imposed by the Central Government. 13. Thus, as to the facts of the present case, it is seen that the Resolution Plan is already approved by the CoC and is pending adjudication before this Tribunal and also keeping in mind the rationale of the decision of the Supreme Court in the matter of Committee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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