TaxTMI 
TaxTMI 
2020 (9) TMI 10
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....in period from Corporate Insolvency Resolution Process. 2. The brief facts of the case are as under: - 2.1. M/s. Oman Inc. (HUF) [Operational Creditor] had filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 [hereinafter referred as "IB Code"] for initiation of Corporate Insolvency Resolution Process (hereinafter referred as "CIRP") before this Bench, which was admitted on 26.04.2019 appointing Mr. Parag Sheth as Interim Resolution Professional (hereinafter refereed as "IRP"). The copy of the said Order was served upon IRP on 06.05.2019. 2.2. The IRP convened the first meeting of the Committee of Creditors [hereinafter referred as "CoC"] on 24.05.2019 and the approval for appointment of new Resolution Profess....
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....r from liquidation. FINDINGS 3. Heard the RP, on perusal of the record it is found that CP (IB) 594 of 2018 was admitted by this Adjudicating Authority on 26.04.2019 and further, 90 days beyond 180 days was extended on 22.10.2019. The RP has moved this application for seeking exclusion for certain days as there is high probability of approval and/or acceptance of proposed Resolution Plan and thereby, the Corporate Debtor can be saved as a going concern. 4. The very Objective of the IB Code is to "consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneur ship,....
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....orporate debtor from its own management and from a corporate death by liquidation" A similar view is reiterated by the Hon'ble Supreme Court in Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta and Ors. [Civil Appeal No. 8766-67 of 2019] observed that even an extension beyond 330 days' timeline as specified in the IB Code can be granted by the Adjudicating Authority under exceptional circumstances. The Hon'ble Supreme Court observed the same as under: "79.....Likewise, even under the newly added proviso to Section 12, if by reason of all the aforesaid factors the grace period of 90 days from the date of commencement of the Amending Act of 2019 is exceeded, there again a discretion can he exercised by t....