9911796707
TMI Blog2022 (7) TMI 827X X X X Extracts X X X X X X X X Extracts X X X X ..... ., 10 days from 03.11.2021 to 12.11.2021, 72 days ie., from 10.01.2022 to 23.03.2022 and another 57 days on account of non-completion of the CIR Process during the IRP Period from the period of Corporate Insolvency Resolution Process of the Corporate Debtor. 2. The applicant stated that this Tribunal vide order dated 03.11.2021 in CP(IB)/05/KOB/2021, admitted the application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Vijayakumaran J, against the Corporate Debtor and appointed Mr. Muhammed Davood Cmk having Registration No. IBBI/IPA-001/IP-P02357 20202021/13499 as the Interim Resolution Professional from the Panel of IPs. 3. It is further stated that Mr. Muhammed Davood Cmk vide letter dated 07.11.2021 informed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 23.03.2022, however, the physical copy of the same were handed over only on 23.04.2022. It is also stated that RP took over the charge after the 140th day of CIRP, and found that following procedures were either pending or not carried out with respect to the CIRP of the Corporate Debtor: a. Complete verification of Claims with reference to books of Accounts etc, pending due to lack of records. b. Appointment of Registered valuers for Land and Building, Plant & Machinery and Securities and Financial Assets. under Regulation 27, the valuers are to be appointed within 7 days of appointment of RP but not later than 47th day of commencement c. Preparation of Information Memorandum. RP is required to prepare the IM not later than 54th days ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xclusion of those period including the delay in appointment of RP, the CIRP cannot be effectively completed within the statutory timeline. Hence, the CoC resolved to seek exclusion of 139 days out of the total 169 days completed as on 15.04.2022 and resolved to seek extension of upto 330 days to complete the CIRP in view of the pending actions. CoC approved the Resolution with 99.80% voting percentage, as under: "RESOLVED that the CoC be and is hereby approve and authorize RP for submitting application to adjudicating authority for exclusion of 139 days (169 days less 30 days of IRP period) and extension of CIRP period upto 330 days ending on 28th September 2022 to complete the pending CIRP matters" 8. The learned RP stated that this Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly the copy of the minutes of the 4th Committee of Creditors meeting held on 09.06.2022. 10. We place reliance on the judgment of Hon'ble NCLAT referred to by the applicant in Quin Logistics India Pvt. Ltd. (supra), wherein it is held that for the following good reason and unforeseen circumstances, the intervening period can be excluded for counting the total period of 27O days: "(i) If the corporate insolvency resolution process is stayed by 'a court of law or the Adjudicating Authority or the Appellate Tribunal or the Hon'ble Supreme Court. (ii) If no 'Resolution Professional' is functioning for one or other reason during the corporate insolvency resolution process, such as removal. (iii) The period between the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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