TMI Blog2019 (12) TMI 1558X X X X Extracts X X X X X X X X Extracts X X X X ..... od. Application disposed off. - (IB)-104(PB)/2018 - - - Dated:- 18-12-2019 - DR. DEEPTI MUKESH HON'BLE MEMBER (JUDICIAL) AND SH. S.K MOHAPATRA HON'BLE MEMBER (TECHNICAL) For the Applicant: Mr. Gautam Singhal, Mr. Rajat Chaudhary, Advs. with Mr. Jitendra Kumar, RP ORDER CA-2839(PB)/2019 Fifth progress report filed by the RP annexing the minutes of 4th and 5th CoC meetings. The same is taken on record on record subject to all just exceptions. The office is directed to maintain the record and place the same before the Bench at the time of final disposal. The application stands disposed of. CA-2668(PB)/2019 The present company application has been filed by the resolution professional for exclusion of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsolvency Resolution Process period got wasted. It is argued that liquidation of the corporate debtor will follow in case extension is not allowed. Ordinarily the Corporate Insolvency Resolution Process period must be completed within the outer time limit provided under the Code. However, in exceptional cases in order to achieve a resolution and to avoid to drive the corporate debtor into liquidation, Adjudicating Authority (NCLT) can extend the outer time limit provided under the Code. It is relevant to refer to the decision of the Hon 'ble Supreme Court in Civil Appeal No. 8766-67 of 2019 in the matter of Committee of Creditors of Essar Steel India Limited Versus Satish Kumar Gupta Ors. decided on 15th November 2019, where it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly added proviso to Section 12 if by reason of all the aforesaid factors the grace period of 90 days from the date of commencement of the Amending Act of 2019 is exceeded, there again a discretion can be exercised by the Adjudicating Authority and/or Appellate Tribunal to further extend time keeping the aforesaid parameters in mind. It is only in such exceptional cases that time can be extended, the general rule being that 330 days is the outer limit within which resolution of the stressed assets of the corporate debtor must take place beyond which the corporate debtor is to be driven into liquidation. (emphasis given). In the facts and in order to avoid liquidation of the Corporate Debtor and also to explore the possibility of resol ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
