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TMI Blog2021 (9) TMI 759X X X X Extracts X X X X X X X X Extracts X X X X ..... 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'ble High Court"). The Writ Petitioners therein sought the following reliefs: "82. THAT, this petition is being made bona fide and in the interest of justice. In the premises aforesaid the petitioner prays that this Hon'ble Court may be pleased to call for the records of the case, issuing rule calling upon the respondent to show case as to why the order dated 05/05/2021 shall not be suspended till pandemic or the petitioner shall be able to approach and get proper order from NCLAT and shall not be directed to take appropriate decision on the petitioner representation dated 23/04/2021 and communicate that outcome of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the said 1st Meeting of the CoC. A true and correct copy of the Notice, Agenda and Minutes of the 1st COC Meeting are annexed herewith and marked as ANNEXURE A-3 (colly). The Applicant IRP also filed his Status Report before this Hon'ble Tribunal informing of the constitution of the COC and of its 1st meeting. 11. It is thereafter submitted that the Hon'ble High Court vide order dated 15/06/2021 extended the Interim protection granted vide its Order dated 28/05/2021 and held as follows: "It is apparent from the interim order dated 28/05/2021 passed by this Court that the purpose of the order was to extend some protection to the Writ Petition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 of India, United Bank of India and Punjab National Bank, as the Corporate Debtor wanted to establish integrated plastic packaging unit in Kamrup, Assam. The Appeal refers to the financial facilities extended which started from June, 2014 and the necessity to restructure the facilities extended with fresh repayment schedule commenced on and from 30th June, 2016. The Appeal refers to Strategic Debt Restructuring Scheme between the parties. According to the Appeal, the accounts of the Corporate Debtor stood overdue initially on 30th June, 2014 and subsequently on execution of the master Restructuring Agreement which was dated 27th April, 2015 with new repayment schedul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 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 Respondent needs to be served upon the Petitioner. Since this is an application filed under Section 7 of IBC 2016, no further time will be allowed." 6. This application has been filed under Section 7 of the IBC and this matter has been taken up by this Bench six (6) times earlier. As per the sub-section 4 of Section 7 of the IBC, Application filed under Section 7 of IBC needs to be admitted or rejected within 14 (fourteen) days of the receipt of the Application. 7. Heard both the sides. We do not find any reason to adjourn the matter further. However, liberty is given to both the sides to file their written submissions within 10 (ten) days from today, exchanging the copy ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iction 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 passed by the Hon'ble High Court, the CIRP has suffered a loss of 55 days (from 05.05.2021 till 29.06.2021). On account of the aforesaid reasons, the Applicant is filing the Present Application seeking an exclusion of 55 days from the time period provided under Section 12 of the Code. The Applicant IRP has obtained the approval of the CoC for seeking such exclusion in the time period of the CIRP. A true and correct copy of Minutes of the 2nd COC Meeting are annexed herewith and marked as ANNEXURE A-7. 21. The applicant in the instant petition has prayed for an order with the below mentioned reliefs: (i) That this Hon'ble Adjudicating Authority may be pleased to allow the exclusion of 55 days from the timeline o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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