AI Drafter 
TaxTMI 
TaxTMI 
2020 (9) TMI 550
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....the circumstances and in the interest of justice, the instant IA i.e. IA No. 184/2020, filed for seeking urgent hearing of IA No. 185/2020 in CP (IB) No. 30/Chd/Pb/2017, is allowed. Thus, IA No. 184/2020 stands disposed of. IA No. 185/2020 3. The applicant in the instant IA is the successful Resolution Applicant in the matter of FM Hammerle Textiles Limited i.e. the corporate debtor. The resolution plan submitted by the applicant in the instant case was approved by the Committee of Creditors and thereafter, the same was approved by this Tribunal vide order dated 13.03.2020 (Annexure A-1) in CA No. 893/2019. 4. The successful Resolution Applicant filed the instant IA, seeking the following reliefs:- i.) To exclude the perio....
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....as to be made within 90 (Ninety) days from the date of the approval of the Plan. Further, in terms of the approved Resolution plan the Monitoring Committee was constituted consisting of the successful Resolution Applicant, SBI and the Resolution Professional. Copy of order dated 13.03.2020 of this Hon'ble Tribunal is annexed herewith and marked as Annexure A-1. 3. That in order to implement the provisions of the Resolution plan, the Resolution Applicant was required to open an Escrow Account as well as to appoint an escrow trustee. In the First Meeting of the Monitoring Committee held on 18.03.2020, it was agreed that the Escrow Account shall be opened with Union Bank of India. The State Bank of India i.e. the erstwhile CoC mem....
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....ent by the Union Bank of India, the same could not be executed due to the concerned parties being confined to their homes. Similarly, the Custodian Agreement could not be executed with Axis Trustee Services due to lockdown. In view of such exceptional circumstances beyond the control of the Applicant herein, it has become impossible to open up Escrow Account and during the complete lockdown in the entire country it become impossible for the resolution applicant to arrange the required funds as planned. Consequently, it became impossible for the applicant to make fresh trench of payments as per the approved Resolution Plan. 7. The Resolution Applicant also updated the monitoring committee, vide its email dated 12.04.2020. The monito....
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....is hereby ordered that a period of limitation in all such proceedings, irrespective of the limitation prescribed under the general law or Special Laws whether condonable or not shall stand extended w.e.f. 15th March 2020 till further order/s to be passed by this Court in present proceedings. We are exercising this power under Article 142 read with Article 141 of the Constitution of India and declare that this order is a binding order within the meaning of Article 141 on all Courts/Tribunals and authorities. This order may be brought to the notice of all High Courts for being communicated to all subordinate Courts/Tribunals within their respective jurisdiction. Issue notice to all the Registrars General of the High....
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.... Logistics India Pvt. Ltd. vs. Mack Soft Tech Pvt. Ltd. in Company Appeal (AT) (Insolvency) No. 185 of 2018" decided on 8th May, 2018 do hereby order as follows: - (1) That the period of lockdown ordered by the Central Government and the State Governments including the period as may be extended either in whole or part of the country, where the registered office of the Corporate Debtor may be located, shall be excluded for the purpose of counting of the period for 'Resolution Process under Section 12 of the Insolvency and Bankruptcy Code, 2016, in all cases where 'Corporate Insolvency Resolution Process' has been initiated and pending before any Bench of the National Company Law Tribunal or in Appeal before this Appellat....