9911796707
TMI Blog2021 (3) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... or Corporate Persons) Regulations, 2016 (hereinafter referred to as the "IBC, 2016") seeking for the following relief : "(a) Allow the present application ; (b) Extend the period of corporate insolvency resolution process for further period of 90 days from the date of expiry of 180 days from CIRP, i. e., March 8, 2020 in accordance with the provisions as laid down in section 12(2) of the Code and pass appropriate order under section 12(3) for extension of period ; and (c) Issue such other necessary orders as may be deemed fit in the matter." 2. It is averred in the application that the corporate insolvency resolution process (CIRP) was initiated against the corporate debtor vide order dated September 10, 2019. Thereafter, the IRP on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lution plans which was decided to be April 10, 2020, i. e., almost a month after the expiry of the CIRP period, which was approved. Resolution No. 5 passed with a majority voting share at the third meeting of CoC was to consider the publication of expression of interest in form G and minimum eligibility criteria for the prospective resolution applicant. 4. It is submitted that in the light of the directions of this Tribunal on January 3, 2020 the resolution professional was unable to publish form G or issue expression of interest at an early date. In the third meeting of CoC, the following resolution was passed with majority of the voting share : "Resolved that corporate insolvency resolution process in the matter of M/s. Ambojini Proper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pleted due to such lockdown, in relation to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016. * The said exclusion has been introduced as regulation 40C in the Insolvency and Bankruptcy Code by the IBBI in exercise of the powers conferred by section 196(1)(t) read with section 240 of the Insolvency and Bankruptcy Code. * The above amendment shall come into force from March 29, 2020. 7. In the facts of the present case, it is evident from the records that CIRP of 180 days expired on March 8, 2020. Thus, it can be inferred from the second proviso to sub-section (3) of section 12 of the IBC, 2016 that one more extension of 90 days can be granted. 8. In this context, it is also relevant to re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 90 days from the date of commencement of the Amending Act of 2019 is exceeded, there again a discretion can be exercised by the Adjudicating Authority and/or Appellate Tribunal to further extend time keeping the aforesaid parameters in mind. It is only in such exceptional cases that time can be extended, the general rule being that 330 days is the outer limit within which resolution of the stressed assets of the corporate debtor must take place beyond which the corporate debtor is to be driven into liquidation." 9. Thus, taking into consideration, the decision of the hon'ble Supreme Court as rendered in Committee of Creditors of Essar Steel India Ltd. v. Satish Kumar Gupta [2020] 219 Comp Cas 97 (SC) and the provision of law, the appl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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