TaxTMI 
TaxTMI 
TaxTMI 
2018 (2) TMI 885
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....te Limited, seeking extension of further period of 90 days for the Corporate Insolvency Resolution Process (CIRP). On 06.12.2017, an extension of CIRP was granted by this Adjudicating Authority for a period of 30 days w.e.f. 15.12.2017 onwards which has already expired. 2. The Resolution Professional (RP) has submitted that a tentative Resolution Plan is in place which has been submitted by M/s. Acestar Properties Private Limited, wholly owned subsidiary of M/s. XS Real Properties (P.) Limited, who is interested in taking over the land for real estate development. The tentative Resolution Plan has been submitted before this Bench on 11.01.2018, copy of which is given to the Counsel for the Operational Creditor. 3. The Operational Creditor....
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....n can be granted for the CIRP as prayed by the Applicant viz, the RP, because the proviso to section 12(3) provides that the extension of CIRP after the expiry of the period 180 days can be granted once. 5. The basic object and purport of the provisions of I&B Code, 2016, are to give adequate time to the RP to explore the possibility of revival of the business of the Corporate Debtor. Therefore it is exclusive domain of the RP to invite the prospective buyers and work out the Resolution Plan, if any, proposed by any Resolution Applicant, so that the same could be placed before the CoC for consideration on merits. In this case, it has already been mentioned hereinabove that during the arguments which were submitted by the RP and the Counsel....
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.... days w.e.f. 15.12.2017, so that the RP could call for Resolution Plan without any further delay. The copy of the minutes of the 2nd meeting of the CoC is placed at page 79 of the typed set filed with the Application. The Operational Creditor, after initiating CIRP against the Corporate Debtor, is not required to play any role except filing the claim before the IRP/RP. The decisions taken by the CoC under the supervision of the RP could not be questioned during the CIRP process, and working out of any Resolution Plan for being submitted to the CoC for consideration. Therefore, the objection raised by the Operational Creditor is not tenable in the eye of law due to the above mentioned reason. 8. The second objection raised by the Counsel fo....
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....ion (3) of Section 12 of I&B Code, 2016 must be given effect without considering the consequences, as the words of statute speak the intention of the legislature. The proviso is always given to explain the effect of the provision or to remove any doubt in relation to its implementation. The proviso cannot take away the effect of the main provision. 9. However, in this case, the proviso to Sub-section (3) of Section 12 of I&B Code, 2016, provides that any extension of period of CIRP under this Section shall not be granted more than once which means that any extension of CIRP cannot be given more than 90 days in total after expiry of 180 days. In other words, the proviso restricts the exercise of discretion by the Adjudicating Authority for ....
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.... in "Tribhovandas Haribhai Tamboli v. Gujarat Revenue Tribunal [1991] 3 SCC 442, wherein it was held that "when the language of the main enactment is clear, the proviso can have no effect on the interpretation of the main clause". 12. Thus, it is settled principle that the proviso cannot be torn apart from the main enactment nor can it be used to nullify by implication what enactment clearly says, nor set at naught the real object of main enactment, unless the words of proviso are such that it is its necessary effect. 13. To support the view, a reference may be made to Maxwell on the "Interpretation of Statues" 10th Edition page 7 states thus "...if the choices is between two interpretations, the narrower of which would fail to achieve th....