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TMI Blog2022 (2) TMI 669X X X X Extracts X X X X X X X X Extracts X X X X ..... ra Brahma Rao Arekapudi, Member (T) For the Appellant : Ramesh Babu, Advocate ORDER 1. The Interim Resolution Professional, (for short IRP) appointed by this Tribunal pursuant to our order dated 01.03.2021 in CP No. 325/7/HDB/2020, who was subsequently confirmed as Resolution Professional (RP) has filed this application under Section 12(2) of Insolvency and Bankruptcy Code, 2016 ("CODE"), read ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 45 days period lost due to lockdown by order dated 22.07.2021, the initial CIRP period of 180 days stood extended till 11.10.2021. 3. It is stated by the Applicant that he had received two resolution plans on 27.09.2021, which were placed before the CoC in the 5th CoC meeting held on 04.10.2021. However, owing to paucity of time for consideration of the plans, the CoC instructed the RP to move a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e heard the Ld. Counsel for RP, Shri Ramesh Babu and the Resolution Professional (RP) Mr. Krishna Komaravolu, perused the record. POINT Whether extension of time beyond 270 days by way of second extension can be granted, when there is no concrete resolution plan before CoC for its consideration? 6. This application is filed for extension of period for 60 days for completion of CIRP, anticipatin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uced lockdown. 8. Hon'ble Supreme Court of India, in Gujarat Urja Vikas Nigam Limited vs. Amit Gupta, observed that "Delay in completion of the insolvency proceedings would diminish the value of the debtor's assets and hamper the prospects of a successful reorganization or liquidation. For the success of an insolvency regime, it is necessary that insolvency proceedings are dealt with in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016. 10. Therefore, in the light of our discussion as above, taking into consideration the fact that the IBC timelines are to be strictly followed, especially during Corporate Insolvency Resolution Process (CIRP), we are of the firm view that this is not a fit case to grant time. 11. With these directions, this application stands dismissed and the Resolution Professional is directed to take nex ..... X X X X Extracts X X X X X X X X Extracts X X X X
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