TMI Blog2022 (9) TMI 278X X X X Extracts X X X X X X X X Extracts X X X X ..... riod spent from 19.02.2021 (date of filing of Application bearing I.A. No. 1005 of 2021) to 31.05.2021 (Impugned Order) is also excluded - Further, period spent from 14.06.2021 [date of filing of instant Appeal i.e. Company Appeal (AT) (Ins.) No. 439 of 2021] till the date of Judgment i.e. 06th September, 2022 is also excluded. Appeal allowed. - Company Appeal (AT) (Insolvency) No. 439 of 2021 - - - Dated:- 6-9-2022 - [ Justice Anant Bijay Singh ] Member ( Judicial ) And [ Ms. Shreesha Merla ] Member ( Technical ) For the Appellant : Mr. Abhishek Anand, Mr. Karan Kohli, Advocates For the Respondent : Mr. Pulkit Thareja, Mr. Surendra Kumar, Advocates (COC). Ms. Mayuri Raghuwanshi, Advocate (Member of COC) (IOB). Mr. Vyom Raghuvansi, Ms. Purvat Wali, Advocates (IOB) JUDGMENT Justice Anant Bijay Singh ; This Appeal has been preferred by the Appellant Anil Tayal, Resolution Professional of M/S Horizon Buildcon Pvt. Ltd. being aggrieved and dissatisfied by the order dated 31.05.2021 in I.A. No. 1005 of 2021 in CP (IB) No. 266 (ND) of 2019 passed by the Ld. Adjudicating Authority (National Company Law Tribunal, New Delhi Bench-II) whereby and where under th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... heir EOI out of which 3 were held to be ineligible. Thereafter, forth meeting of CoC was held on 20.02.2020 wherein the Agenda for the appointment of Mr. Praveen Kumar Agarwal as the Resolution Professional was put for e-voting which was approved by 100% voting share and on 15.07.2020 the Adjudicating Authority was pleased to allow the Application bearing I.A. No. 1752 of 2020 thereby, appointing Mr. Praveen Kumar Agarwal as the Resolution Professional. vi) Further case is that on 21.03.2020 fifth meeting of CoC was held wherein the Erstwhile IRP apprised the members of the CoC that one of the Prospective Resolution Applicant being IRIDIA Homebuyers Association has submitted the Resolution Plan out of the 3 Prospective Resolution Applicants. Further, upon discussions and deliberations, it was decided by the CoC that the agenda for publishing fresh FORM-G should be considered after considering the one Resolution Plan received. vii) On 27.07.2020 sixth meeting of CoC was held wherein the CoC passed the following Resolutions for filing of an application with the Adjudicating Authority for the extension of the period for CIRP by 90 days. The erstwhile Resolution Professional file ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellate Tribunal vide Judgment dated 23.02.2021 was pleased to allow the Appeal and exclude the period of judicial intervention from 21.10.2020 to 09.11.2020 (period covering time spent in pursuing the extension Application) and from 12.01.2021 to 03.02.2021 (period for which the Orders were reserved by the Adjudicating Authority) for the purposes of calculation of CIRP Period. xiii) On 06.02.2021 ninth meeting of CoC wherein the Resolution Plan was considered by the members and requested the Prospective Resolution Applicant to submit a revised Resolution Plan in the matter of the Corporate Debtor. The members of the CoC resolved to seek extension of 60 days of CIRP period with 100% voting share. Thereafter, tenth meeting of CoC was held wherein the members of the CoC discussed the Resolution Plan submitted by the Prospective Resolution Applicant. Since the issue with respect to the claim of Indian Overseas Bank being secured and unsecured is pending adjudication before the Adjudicating Authority and thereafter, the outcome will affect the Resolution Plan. In view thereof, the members of CoC instructed the Appellant to file an application seeking 60 days extension in order to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plicant on 08.02.2021 and requested them to submit a modified Resolution Plan before the Resolution Professional. It was also informed that the Prospective Resolution Applicant vide email dated 10.02.2021 requested the Resolution Professional to grant an extension of 3 days i.e. till 13.02.2021. Further, the Prospective Resolution Applicant submitted the modified Resolution Plan with the Applicant on 13.02.2021. 8. It is further submitted that the Resolution Professional presented the modified Resolution Plan before the members of CoC and apprised the members of CoC that the Resolution Plan has some typographical errors which has to be rectified by the Prospective Resolution Applicant. It was also decided that since there are time constraints in view of CIRP period coming to an end on 19.02.2021, the issue needs to be decided at the earliest. As few more objections were raised by the members of CoC with respect to the Resolution Plan and as the issue with respect to the claim of Indian Overseas Bank being secured and unsecured is pending adjudication before the Adjudicating Authority and therefore, the outcome would affect the Resolution Plan. In view thereof, the members of CoC ..... X X X X Extracts X X X X X X X X Extracts X X X X
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