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The NCLAT held that the 19th and 20th instalments falling due post-CIRP commencement cannot be treated as CIRP costs, aligning with precedent, but if the Supreme Court later rules otherwise, these amounts shall be payable by the Resolution Applicant (RA) with an undertaking. Water and sewer charges are affirmed as CIRP costs and must be paid. Time extension charges levied by NOIDA are permissible only up to three years beyond the lease period, with penalties constituting CIRP costs. The Adjudicating Authority's decision to remit the resolution plan to the CoC for reconsideration without restarting CIRP from the Information Memorandum stage was upheld, considering elapsed timelines. The CoC is directed to issue a Request for Resolution Plan to the original Resolution Applicants within 30 days, incorporating undertakings regarding CIRP costs. The CIRP timeline excludes periods of pendency before authorities, and a 90-day extension for completion of CIRP is granted. Appeals are disposed of accordingly.
The NCLAT held that the 19th and 20th instalments falling due post-CIRP commencement cannot be treated as CIRP costs, aligning with precedent, but if the Supreme Court later rules otherwise, these amounts shall be payable by the Resolution Applicant (RA) with an undertaking. Water and sewer charges are affirmed as CIRP costs and must be paid. Time extension charges levied by NOIDA are permissible only up to three years beyond the lease period, with penalties constituting CIRP costs. The Adjudicating Authority's decision to remit the resolution plan to the CoC for reconsideration without restarting CIRP from the Information Memorandum stage was upheld, considering elapsed timelines. The CoC is directed to issue a Request for Resolution Plan to the original Resolution Applicants within 30 days, incorporating undertakings regarding CIRP costs. The CIRP timeline excludes periods of pendency before authorities, and a 90-day extension for completion of CIRP is granted. Appeals are disposed of accordingly.
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