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TMI Blog2022 (4) TMI 1160X X X X Extracts X X X X X X X X Extracts X X X X ..... egulation 2016, with a prayer to extend the time for completion of corporate insolvency resolution process by a further period of 30 days from 15.03.2022. 2. As per the order dated 25.02.2021 CIRP was initiated against the Corporate Debtor and Mr. Sanjeev Ahuja (IBBI/IPA-002/IP-N00028/2016-2017/10061) was appointed as the interim resolution professional. The first CoC meeting was held on 26.03.2021. The Period of CIRP had expired on 15.03.2022. 3. It is submitted that the applicant filed an application bearing IA No. 3897/ND/2021 seeking extension of 90 days for completion of CIRP and the same was allowed vide order dated 07.09.2021 extending the period for further 90 days i.e. 26.12.2021. Subsequently, IA No. 5325/ND/2021 was filed by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution is as under: "Explanation: There are technical issues involved in the (Resolution Plan) variant with respect to assignment of third-party properties and there have been some unanswered questions of some COC members. Since the IBC law is not clear and does not address the assignment aspect, COC decided to avoid any confusions and challenges going forward and accordingly, COC has unanimously agreed to consider the plain vanilla variant of the same Resolution Applicant as requested by the RA himself, and seek necessary approvals, for which COC members need some additional time. All the COC members are PSU banks and have a set procedure to seek the approvals/mandates, hence the request for 30 days/1 month." 6. From the bare perusal of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2021, the extension of 90 days was granted to the applicant. Apart that, the applicant has also sought exclusion of 49 days, which was also granted vide order dated 29th November 2021, but the CIRP proceedings could not be completed in that particular period despite extension & exclusion of period as stated above. Moreover, the resolution was passed on 14th March 2022, whereas 330 days expired on 15th March 2022. Further, the Resolution Plan was only received few days prior to 14.03.2022, that too on behalf of single Resolution Applicant, which also serious suspicion about the conduct of the proceedings. Even, on that day, no such definitely decision could be taken by the CoC. 7. In view of the above said facts, this Tribunal is of the vi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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