TaxTMI 
TaxTMI 
TaxTMI 
2020 (10) TMI 275
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.... the Resolution Plan, the Applicant came to know that on 26.05.2012 GRIDCO Limited, having its registered office at Janapath, Bhubaneswar, Pin Code- 751022, Odisha, had entered into a Power Purchase Agreement (PPA) with the Corporate Debtor. The said agreement was terminated by GRIDCO Ltd. during the CIRP period. The termination of the said agreement was challenged by the applicant vide C.A. (IB) No. 1184/KB/2019 before this Tribunal for enforcing the rights of the Corporate Debtor arising out of such Power Purchase Agreement (PPA, and vide orders dated 14/10/2019, the said decision of GRIDCO Ltd. was set aside and it was held that the termination of the said Power Purchase Agreement (PPA) dated 26.05.2012 was in violation of the moratorium declared by the Adjudicating Authority and further pleased to direct the respondent to restore the said Power Purchase Agreement (PPA) dated 26.05.2012 as if there was no termination of PPA within one week of the date of the order. 3. The Applicant further submits that the initial Resolution Plan dated 28.10.2019 had been submitted on the 29th day of October, 2019 and after negotiation with the Committee of Creditors (CoC), the final Resolution....
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....2020 from the Resolution Applicant whereby the Resolution Applicant requested the Applicant to take appropriate steps for extension of implementation of resolution plan of M/s. Alex Green Energy Pvt. Ltd. After receiving the said letter dated 04/05/2020 the Applicant has moved the instant application praying for the reliefs. 6. It is pertinent to mention here that a sum of Rs. 11.07 crores has paid to State Bank of India, SAMB-I,Kolkata pursuant to the Resolution plan approved including the other stake holders like the operational credit Ors. and CIRP costs. The Resolution applicant had taken all necessary steps as required under the relevant provisions of law in Insolvency Bankruptcy Code and other applicable laws for operation of the 5 (five) MW Solar Power Plant as per the relevant clause incorporated /stipulated in the said Resolution plan as approved by the Hon'ble Adjudicating Authority of NCLT, Kolkata Bench, Kolkata. 7. It is stated that Odisha Power Transmission Corporation Limited (OPTCL) had disconnected the power connection prior to the CIRP process and several representation/letters have been sent by the Chairman of the Monitoring Committee as well as the Resolut....
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....tanding anything to the contrary contained in any other law for the time being in force, the National Company Law Tribunal shall have jurisdiction to entertain or dispose of - (a) any application or proceedings by or against the corporate debtor or corporate person; (b) any claim made by or against the corporate debtor or corporate person, including claims by or against any of its subsidiaries situated in India; and (c) any question of priorities or any question of law or facts, arising out of or in relation to the insolvency resolution or liquidation proceedings of the corporate debtor or corporate person under this Code." 10. The application is neither against a corporate debtor nor against any corporate person. It is not a claim made by or against the corporate debtor or corporate person, or its subsidiaries situated in India. It however, appears to be a question arising out of or in relation to the insolvency resolution, because the applicant has submitted in details that after the Resolution Plan had been successfully approved by the CoC and this Adjudicating Authority, the Resolution has executed a major portion of the plan, and performed almost all its responsibilitie....
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....s do not have to come physically to file such proceedings in respective Courts/Tribunals across the country including this Court, it 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." (b) Similarly, The Hon'ble NCLAT in Suo Moto - Company Appeal (AT) (Insolvency) No. 01 of 2020, has also held that: "(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 Appellate Tribunal. (2) It is further ordered that any interim order/ stay or....
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....cumstances as narrated and discussed in sequel herein above, the Resolution Plan with modified time frame in respect of mode of payment to Financial Creditors/Operational Creditors/Other Stakeholders, if any, or as the case may be is/are allowed accordingly It may be further mentioned that the Government has inserted special provision relating to time-line by adding Regulation 40C to IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 laying down that the lockdown period shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown. The relevant amendment is reproduced below: "40C. Special provision relating to time-line. Notwithstanding the time-lines contained in these regulations, but subject to the provisions in the Code, the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown, in relation to a corporate insolvency resolution process." 14. Having gone through all the aforesaid decisions from the Hon'ble Supreme Court, Hon'ble Appe....