TMI Blog2021 (5) TMI 898X X X X Extracts X X X X X X X X Extracts X X X X ..... d but herein the case in hand, the time for completion of the CIRP is not fixed under the NCLT rules rather it is fixed under the IBC, 2016. Section 12 of IBC, 2016 makes a provision for completion of CIRP and in view of second proviso of Section 12 Sub Section 3 of the IBC, 2016, the Insolvency Resolution Process shall mandatorily be completed within the period of 330 days from the insolvency commencement date - this Adjudicating Authority is not empowered to extend or exclude the period under Rule 15 and 153 of the NCLT Rules, 2016 - The period of 11 days commencing from 17.07.2020 to 27.07.2020 is excluded on the ground that the Registered office of The Resolution Professional was situated within the Containment Zone at Vaishali Sector-1, Ghaziabad. Seeking further exclusion of 60 days period for lockdown and Covid-19 Pandemic in view of infection in employees intermittent during the period of lockdown - HELD THAT:- The applicant has failed to produce any document to show that two employees whose Covid-19 reports have been enclosed by the applicant were the employees of the applicant and they played a vital role in completing the CIRP period and in their absence, it could n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g of the CoC, which was subsequently vacated vide order dt. 26.02.2020. iii. Further, the period of 180 days has expired on 16/11/2019 and vide order dated 06.02.2020, the Adjudicating Authority have extended the CIRP period for 90 days beyond the period of 180 days, which has also expired on 14/02/2020. iv. Further, as per Rule 15 and Rule 153 of NCLT Rules, 2016, this Adjudicating Authority is empowered to extend and enlarge time prescribed under any law. v. Further, the Hon'ble NCLAT in Maharashtra Seamless Ltd. Vs. K K Laxhminarayan Ors in Company Appeal (AT) (Insolvency) No. 637 of 2018 has laid down the circumstances, wherein the period involved can be excluded in computing the period of total 270 days. Extracts from the said judgment are produced as below:- a. If the Corporate Insolvency Resolution Process is stayed by the Adjudicating Authority (NCLT or NCLAT), High Court or Supreme Court. b. If the no resolution professional is functioning for one or other reasons, like removal, during the Corporate Insolvency Resolution Process. c. The time gap occurred between the date of passing of the order of admission or moratorium and the date fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ill 17.07.2020 is concerned, we notice that similar prayer was made by the RP in IA/1926/2020 and this Adjudicating Authority after hearing the parties, vide order dated 11.02.2021 has excluded the period of 154 days commencing from 25.09.2019 to 26.02.2020 on the ground that during this period functioning of CoC was stayed by the Adjudicating Authority. Therefore, the prayer of the IRP to exclude to 154 days to continue CIRP till 17/07/2020 has already been allowed by this Bench in IA No. 1926/2020 vide order dated 11.02.2021. So, this prayer of the applicant has become infructuous in view of the order dated 11.02.2021 passed by this Bench. 7. Now, coming to the prayer (d) of the applicant, the contention of the applicant is that Hon'ble NCLAT has stayed the period commencing from 27.07.2020 till 04.09.2020. Therefore, at this juncture, we would like to consider the order passed by the Hon'ble NCLAT, which is at page 63 of the application and on perusal of the order dated 27.007.2020 passed by the Hon'ble NCLAT in Company Appeal (AT)(Insolvency) No. 629/2020, we notice that the Hon'ble NCLAT has passed the following order Any action taken in regard to approval ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 12 of IBC, 2016 makes a provision for completion of CIRP and in view of second proviso of Section 12 Sub Section 3 of the IBC, 2016, the Insolvency Resolution Process shall mandatorily be completed within the period of 330 days from the insolvency commencement date. 12. Hence, we are unable to accept the contention of the Ld. Counsel for the applicant that this Adjudicating Authority is empowered to extend or exclude the period under Rule 15 and 153 of the NCLT Rules, 2016. 13. Now, coming to prayer of the applicant to exclude the period of 11 days on the ground that office of RP (as registered with Insolvency and Bankruptcy of India) being in Containment Zone at Vaishali Sector-1, Ghaziabad. Considering this, we think it proper the exclude the period of 11 days commencing from 17.07.2020 to 27.07.2020 on the ground that the Registered office of The Resolution Professional was situated within the Containment Zone at Vaishali Sector-1, Ghaziabad. Accordingly, we hereby exclude the period commencing from 17.07.2020 to 27.07.2020 i.e. 11 days. 14. So far another prayer of the applicant to exclude, apart from abovementioned period another 60 days period for lockdown and Co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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