TMI Blog2021 (12) TMI 185X X X X Extracts X X X X X X X X Extracts X X X X ..... unae in the process of considering of Plan by CoC beyond prescribed period of CIRP. If the same is considered by this Bench for exclusion or extension there is possibility of Resolution forthcoming. The Hon'ble Supreme Court has also held that the wisdom of CoC be not interfered, unless same is in violation of law. The Resolution with respect to exclusion/extension was passed by CoC beyond threshold limit of 330 days as laid down in the Code. Hence, the Plans should not have been considered. If exclusion or extension is not considered the only option will be to send the Corporate Debtor in liquidation. This application is allowed by extending the CIRP period for further 50 days from today with the direction to allow the CoC to con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .07.2021 directed this Bench to take overall view of the matter and consider if there are really wider plans and if it finds that the interest of justice requires to grant some time so that the Resolution could be reached if possible and judicial discretion is left to the Adjudicating Authority to be exercised which will not be influenced by our observations. Hence, Resolution Professional has filed this application once again seeking exclusion of CIRP period. 3. The order of the Hon'ble National Company Law Appellate Tribunal records that submission was made about the erstwhile promoters obtaining a stay order from Adjudicating Authority on the entire proceedings and stay on voting by CoC on Resolution Plan. 4. Mr. Kathpalia, Lea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution Plan, wherein the order was passed granting stay on the process of voting and further steps to be taken by Resolution Professional. He further submits that if this application is allowed, IA No. 1465/2021 filed by erstwhile promoters will become infructuous and the present application be heard along with IA No. 1465/2021. 6. The issue before us in this application is that today Resolution Professional had sought total exclusion of 105 days of CIRP to enable CoC to vote on Resolution Plans, albeit received after expiry of CIRP period. The plans have already been considered by CoC. Out of 105 days, 40 days are the exclusion of Covid-19 pandemic lockdown from 01.07.2020 to 09.08.2020 (which was already rejected by the Bench) and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in violation of law. 9. The Resolution with respect to exclusion/extension was passed by CoC beyond threshold limit of 330 days as laid down in the Code. Hence, the Plans should not have been considered. We put question to ourselves that if exclusion or extension is not considered the only option will be to send the Corporate Debtor in liquidation. 10. In the interest of the rights and entitlement of the Home Buyers we think that it will be appropriate to consider allowing of further CIRP period not by way of exclusion but by way of extension beyond 330 days, in view of 2 Resolution Plans already received and deliberated by CoC. 11. The Resolution Professional and CoC are warned about their conduct of receiving and acting on Resol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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