TMI Blog2021 (9) TMI 1206X X X X Extracts X X X X X X X X Extracts X X X X ..... olution Professional) has submitted that the IRP received the order dated 23.7.2020 of Hon ble NCLAT on 27.7.2020 from ICICI Bank, which is member of the CoC. Thereafter, as per directions contained in this order, the IRP constituted the CoC on 29.7.2020 - the order passed by the Adjudicating Authority regarding exclusion of period from 4.3.2020 till 27.7.2020 (146 days) pursuant to the stay imposed by Hon ble NCLAT is in accordance with law and requires no intervention. Appeal dismissed. - Company Appeal (AT) (Insolvency) No. 484 of 2021 - - - Dated:- 23-9-2021 - (Justice Jarat Kumar Jain) Member (Judicial) And (Dr. Alok Srivastava) Member (Technical) For the Appellant : Mr. Rahul Chitins and Mr. Aaditya Pande, Advocates ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... immediately following the aforesaid paragraph in the Order dated 4.3.2020, wherein the Hon ble NCLAT has given directions for handing over the assets and records of the Corporate Debtor to Interim Resolution Professional and taking necessary actions for maintaining the Corporate Debtor as a going concern . He has claimed that the directions of the NCLAT are only contained in this paragraph, and the paragraph immediately preceding this paragraph (which is reproduced above)just records the statement of the Appellant and does not contain any order concerning stay to constitution of CoC. 4. The Learned Counsel for Appellant has thus argued that the exclusion of time period from 4.3.2020 till 27.7.2020 in the CIRP period permitted by the Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he portion relating to stay in constitution of CoC in order dated 4.3.2020 (pg. 17, Appeal) makes it amply clear that the Appellant had stated that he is in the process of settling the matter with the Respondent ICICI Bank Ltd. and hence a stay was granted on the constitution of CoC so that it could finalise the settlement. 9. It is useful to also peruse the paragraph which relates to directions for maintaining corporate debtor as going concern , in the order dated 4.3.2020:- The Appellant/Promoters/Directors of the Corporate Debtor are directed to handover the assets and records of the Corporate Debtor to the Interim Resolution Professional immediately (if not yet handed over). The Interim Resolution Professional /RP will e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gument logical and worthy of favourable consideration. 12. Respondent No. 1 (Resolution Professional) has submitted that the IRP received the order dated 23.7.2020 of Hon ble NCLAT on 27.7.2020 from ICICI Bank, which is member of the CoC. Thereafter, as per directions contained in this order, the IRP constituted the CoC on 29.7.2020. 13. Thus, we are of the clear opinion that the order passed by the Adjudicating Authority in I.A. No. 410 of 2021 in CP(IB) No.775(MB)/2019 regarding exclusion of period from 4.3.2020 till 27.7.2020 (146 days) pursuant to the stay imposed by Hon ble NCLAT in CA (AT)(INS) No. 376/2020is in accordance with law and requires no intervention. 14. The appeal is, therefore, dismissed. No orders as to costs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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