CIRP timeline exclusion accepted for delayed RP appointment, missing records, and non-cooperation by suspended directors.

The Tribunal addressed exclusion of time from the CIRP timeline where delay arose from late appointment of the resolution professional, delayed receipt of the appointment order, incomplete handover of records, and continued non-cooperation by the suspended board. Relying on Sections 12 and 60(5) of the Insolvency and Bankruptcy Code, 2016 and the applicable NCLT Rules, it accepted that the resolution professional was not at fault and approved the revised computation of excluded days, including the period during which the application remained pending. The requested period was excluded from the CIRP timeline and the application was allowed.

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Issues: Whether the period consumed by delay in appointment of the resolution professional, delayed receipt of the appointment order, and non-cooperation by the suspended board of directors should be excluded from the corporate insolvency resolution process timeline.

Analysis: The application was founded on Sections 12 and 60(5) of the Insolvency and Bankruptcy Code, 2016 and the relevant NCLT Rules, seeking exclusion of time from the CIRP period. The record showed delay in appointment of the resolution professional, limited handover of records, repeated requests for books of account and data, and continued non-cooperation by the suspended board. The Tribunal accepted that the resolution professional was not at fault for the delay and accepted the revised computation of excluded days, including the period during which the application remained pending.

Conclusion: The requested period was directed to be excluded from the CIRP timeline, and the application was allowed.

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