TMI Blog2021 (9) TMI 759X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. This instant application has been filed under section 12 R/W Section 60(5) of the Insolvency and Bankruptcy Code, 2016 on behalf of Interim Resolution Professional seeking exclusion of 55 days from the timeline of Resolution Process on account of Writ Petitions filed by the Suspended Board before Hon ble High Court and Interim Orders restraining coercive steps by the IRP, Appeal filed before Hon ble NCLAT as well as Intermittent Lockdown imposed due to the Covid 19 Pandemic. 2. It is stated by the Petitioner that the application for initiating Corporate Insolvency Resolution Process was filed by the Punjab National Bank (Financial Creditor) under Section 7 of the I B Code. 3. It is also stated that the said application was duly heard and admitted by the Hon ble Tribunal vide order dated 05.05.2021. The Applicant herein was provided with an authenticated copy of the order dated 05.05.2021. 4. It is submitted that after the admission of the application under Section 7 of the Code, one of the Directors and member of the Suspended BOD filed a Writ Petition being W.P. (C) No. 2956/2021, under his name and in the name of the CD, before the Hon ble Guwahati High Court ( Hon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw Appellate Tribunal ( NCLAT ) challenging the order of admission dated 05/05/2021. 8. Additionally it is submitted that on 25/05/2021, an interlocutory application was filed before the Hon ble High Court, once again under the CD s name, seeking modification of its order dated 12/05/2021. 9. It is again submitted that the Hon ble High Court vide its Order dated 28/05/2021 was pleased to extend the interim protection and consequently, direct the Applicant IRP to not take any coercive action against the Corporate Debtor till the appeal filed before the Hon ble NCLAT were not listed and heard or till 15/06/2021, whichever was earlier. A copy of Hon ble Guwahati High Court s order dated 28/05/2021 is annexed herewith and marked as ANNEXURE A-2. 10. It is submitted that the Applicant IRP was therefore handicapped and could not take coercive steps against the Corporate Debtor. The IRP did convene the 1st Meeting of CoC vide notice dated 06/06/2021 and the 1st CoC meeting was held on 11/06/2021, but the same was deferred by the then sole Financial Creditor State Bank of India in view of the interim orders passed by the Hon ble High Court and no effective decision was taken at th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... XURE A-5. Relevant part of the order of Hon ble NCLAT is reproduced below: This appeal has been filed by the Suspended Director of the Corporate Debtor M/s Megha Granules Pvt. Ltd. against impugned order dated 5th May, 2021 vide which the Adjudicating Authority (National Company Law Tribunal) Guwahati Bench, Guwahati admitted application under Section 7 of Insolvency and Bankruptcy Code, 2016 (for short I B Code ) having no. C.P. (IB) No. 08/GB/2020. The Application under Section 7 was initially filed by United Bank of India on 9th March, 2020 and after United Bank of India merged with the Punjab National Bank, Punjab National Bank sought to file amended petition so as to add the claim of Punjab National Bank also which was outstanding against the same Corporate Debtor and as United Bank of India and Punjab National Bank had been part of same consortium in which the financial facilities had been extended to the Corporate Debtor. The amended petition under Section 7 of I B Code was filed on 30th November, 2020. 2. The Appeal claims and it is argued that the Corporate Debtor had approached four Banks for financial assistance namely State bank of India, Central Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date of hearing. If the Respondent does not appear on the next date of hearing the application shall be disposed of on merit. Order of 22.02.2021 by NCLT, Guwahati: Matter is taken up through video conferencing. The Learned Counsel for the petitioner Mr. S Dutta is present. Mr. S. Agarwal, Director of the Respondent Company is also present in person. Heard both sides. Mr. Agarwal, Director of the Respondent Company has stated that he was never informed earlier about the filing of the application and he has not received copy of the same. On the other hand the Petitioner has stated that copy of the application has been sent to the Respondent. In the interest of justice, the Petitioner is directed to serve once again copy of the petition along with its annexures upon the Respondent within three (3) days. Since the Registered Office of the Respondent Company at Guwahati is reportedly closed as per the submission of the Ld. Counsel representing the FC the Respondent is directed to collect the copy of the application from the Learned Counsel of the Petitioner personally and file its reply, if any, within Ten (10) days thereafter. A copy of the reply to be submitted by the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o admit unnumbered Company Appeal (AT) (Insolvency) filed with e-Filing No. 9910122/01921/2021. 18. It is also submitted that upon the disposal of the appeal by the Hon ble NCLAT and the resultant expiry of the interim orders, the Applicant IRP has taken effective steps for taking over the assets, accounts, properties and operations of the Corporate Debtor. 19. It is stated that immediately before the admission of CIRP by this Hon ble Tribunal vide order dated 05.05.2021, on 04.05.2021, the Government of Assam imposed intermittent lockdown in the State of Assam and all the private offices were allowed to be functional only till 2:00 PM on all days. Further, due to the intermittent lockdown imposed and restriction on inter-state/ district movement, the IRP was also not able to visit the plant sites of the Corporate Debtor located in a different districts. True and correct copies of Order(s) issued by Assam State Disaster Management Authority imposing intermittent lockdown in the State of Assam are annexed herewith and marked as ANNEXURE A-6. 20. It is also mentioned that because of the Covid 19 lockdown and the litigations initiated by the suspended Board and interim orders ..... X X X X Extracts X X X X X X X X Extracts X X X X
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