TMI Blog2023 (2) TMI 102X X X X Extracts X X X X X X X X Extracts X X X X ..... in deep, sets aside the Impugned Order dated 09.01.2023 passed in IA/IBC/1128/CHE/2022 in CP/IB/85/CHE/2021, by the Adjudicating Authority, (National Company Law Tribunal, Division Bench I, Chennai), in the interest of Justice, and remits back the matter in IA/IBC/1128/CHE/2022 in CP/IB/85/CHE/2021 to the Adjudicating Authority, (National Company Law Tribunal, Division Bench I, Chennai), for passing necessary Orders De Novo in the matter, of course, after Hearing, the Respondent / Resolution Professional, by providing an opportunity of Hearing, by adhering to the Principles of Natural Justice, and to pass Just, Fair and the reasoned Speaking Order, in Qualitative and Quantitative terms, adverting to the Relief Sought for in the Subject ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e are high chances of resolution of the Corporate Debtor. 7. Thus for the reasons mentioned in para 17 of the Application and the Additional affidavit dated 24.11.2022 and circumstances laid down by the Hon ble NCLAT in the matter of Quinn Logistics India Pvt. Ltd. Vs- Mack Soft Tech Pvt. Ltd., and 2 Ors. in Company Appeal (AT) (Insolvency) No.185 of 2018 this Tribunal finds merit in granting the exclusion of the CIRP of the Corporate Debtor as sought for. As a consequence there of this Application stands allowed. The CIRP of the Corporate Debtor shall end on 15.01.2023. The Applicant is directed to complete the CIRP process and not seek further time in the resolution of the Corporate Debtor. 3. The Learned Counsel for the Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 08.07.2022 38 Adjudication of Company Appeal No.AT (CH)(Ins) No.352/2022 08.07.2022 23.09.2022 77 Exclusion for total time lapsed (A) 170 days B. Exclusion for the time lapsed (additional) Period No. of days Total period lapsed in operation of status quo 25.04.2022-17.10.2022 176 Overlapping period already sought in (A) 25.04.2022 -26.04.2022 1 31.05.2022 -23.09.2022 115 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess (CIRP), and not to seek further time in the Resolution of the Corporate Debtor . 6. The Adjudicating Authority (National Company Law Tribunal, Division Bench I, Chennai) had categorically mentioned in the impugned order dated 09.01.2023, that the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor , was to end on 15.01.2023. 7. The real grievance of the Appellant is that the Adjudicating Authority (National Company Law Tribunal, Division Bench I, Chennai), Allowed the Application of the Resolution Professional and granted an Exclusion of Time for completion of the Corporate Insolvency Resolution Process (CIRP), the Delay in Pronouncing / Delivering the Order and Uploading ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... E/2021, by the Adjudicating Authority , (National Company Law Tribunal, Division Bench I, Chennai), in the interest of Justice , and remits back the matter in IA/IBC/1128/CHE/2022 in CP/IB/85/CHE/2021 to the Adjudicating Authority , (National Company Law Tribunal, Division Bench I, Chennai), for passing necessary Orders De Novo in the matter, of course, after Hearing , the Respondent / Resolution Professional , by providing an opportunity of Hearing , by adhering to the Principles of Natural Justice , and to pass Just , Fair and the reasoned Speaking Order , in Qualitative and Quantitative terms, adverting to the Relief Sought for in the Subject Matter in issue and this Exercise , shall be carried out by the Adj ..... X X X X Extracts X X X X X X X X Extracts X X X X
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