TMI Blog2020 (1) TMI 1457X X X X Extracts X X X X X X X X Extracts X X X X ..... made by learned Counsel for Appellant. The matter is remitted back. The Appellant - Resolution Professional will ensure that the Resolution Plan as already filed and placed before COC is urgently looked into and request the COC to urgently take decision one way or the other. For this purpose, time is given till 6th February, 2020 - Appeal allowed. - Company Appeal (AT) (Ins) No. 1425 of 2019 - - - Dated:- 17-1-2020 - A.I.S. CHEEMA, J. (MEMBER (J)) AND KANTHI NARAHARI, MEMBER (T) For the Appellant : Krishnendu Datta, Ankur Mittal, Meera Murali, Mehak Khurana, Advocates, Ritu Rastogi and Pavan Kumar Goyal, CA For the Respondent : None ORDER 1. Advocate - Shri Krishnendu Datta is present for the Appellant - Resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s made to complete the CIRP, it is argued by learned Counsel for Appellant that there was delay due to various difficulties encountered during the process as mentioned in the Appeal and the Appellant has made all efforts to see that the Corporate Debtor is kept a going concern so that resolution becomes possible. It is stated that the Corporate Debtor is in the manufacture of synthetic vial and even now is a going concern. 4. Advocate - Shri Pavan Kumar is present who states that he is appearing for Resolution Applicant - Mr. Surender Kumar Chawla who has already given resolution plan and it was placed before COC but COC is yet to take a final decision. 5. The learned Counsel for the Appellant refers to Order of this Tribunal dated 10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e present matter. It is stated that a going concern like the Corporate Debtor would be pushed into liquidation if the time is not granted of just 15-20 days as was sought before the Adjudicating Authority. The learned Counsel refers to the Para 13 of the Impugned Order of the Adjudicating Authority which has two paragraphs both marked 13, both of which read as under:- 13. Therefore, at this juncture, we would also like to consider the decision given in State Bank of India v. M/s. Manibhadra Polycot Ors., [Civil Appeal Nos. 4656-4657 of 2019] in which the Hon'ble Apex Court held that ........We are of the view that the first two sets of days, namely, 7 days and 11 days, cannot be excluded for the simple reason that they are not i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the decision of the Hon'ble Apex Court in State Bank of India v. M/s. Manibhadra Polycot Ors., [Civil Appeal Nos. 4656-4657 of 2019]. We are of the considered view that on this ground, we are not inclined to exclude/extent the period of CIRP of 45 days as prayed by the RP beyond the period of 330 days. 7. The learned Counsel for the Appellant states that in the earlier Para-13 where the Adjudicating Authority referred to judgment in the matter of State Bank of India v. M/s. Manibhadra Polycot Ors., that judgment had different facts as it is apparent from the portion reproduced by the Adjudicating Authority which shows that the Resolution Plan in that matter had been submitted beyond the mandatory period laid down in the Insol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he judgment in the matter of Essar Steel referred above, which reads as under:- 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 the Adjudicating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ensure that the Resolution Plan as already filed and placed before COC is urgently looked into and request the COC to urgently take decision one way or the other. For this purpose, time is given till 6th February, 2020. If the Resolution Plan gets approved, the same be urgently placed before the Adjudicating Authority on or before 6th February, 2020. If this effort fails, the Adjudicating Authority would be at liberty to pass suitable further Orders after 6th February, 2020 as per the provisions of IBC. The Resolution Professional and COC must complete the necessary steps to ensure that the Application gets filed before the Adjudicating Authority on or before 6th February, 2020 showing whether or not the Resolution Plan has been approved. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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