TaxTMI 
TaxTMI 
TaxTMI 
2020 (10) TMI 320
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.... 270 days (which is going to over on 15th February, 2020) so as to conclude the CIRP of the Corporate Debtor, in the interest of justice and equity. 2. Brief facts of the mentioned in the Application, are as follows: (1) The Adjudicating Authority admitted C.P.(IB) No. 51/BB/ 2018 filed by M/s. Oriental Bank of Commerce, vide order dated 26.10.2018, by initiating Corporate Insolvency Resolution Process (CIRP) in respect of the Corporate Debtor, appointing Shri Alok Kailash Saksena, as IRP, imposing moratorium etc. Subsequently, the said IRP was confirmed as Resolution Professional in the 6th CoC meeting held on 12.04.2019. In pursuant to the Regulation 36A(1) of the CIRP Regulation, the Resolution Professional had published Form G in lead....
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....tter of Committee of Creditors of Essar Steel India Limited Vs. Satish Kumar Gupta & Ors., wherein the Hon'ble Supreme Court settled several issues and made important ruling including one on the amendment to Sec. 12 of the IBC. The Hon'ble Supreme Court while reiterating the fact that timely resolution of the stressed assets is a key factor in the successful working of the Code also made the following observations in para 79 of page 131 and page 132 of the judgment which is as under: "Time taken in legal proceedings cannot possibly harm a litigant if the Tribunal itself cannot take up the litigant's case within the requisite period for no fault of the litigant, a provision which mandatorily requires the CIRP to end by a certai....
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....solution process beyond 330 days, and that it would be in the interest of all stakeholders that the Corporate Debtor be put back on its feet instead of being sent into liquidation and that the time taken in legal proceedings is largely due to factors owing to which the fault cannot be ascribed to the litigants before the Adjudicating Authority and/or Appellate Tribunal, the delay or a larger part thereof being attributable to the tardy process of the Adjudicating Authority and/or the Appellate Tribunal itself, it may be open in such cases for the Adjudicating Authority and/or Appellate Tribunal itself, it may be open in such cases for Adjudicating Authority and/or Appellate 132 Tribunal to extend time beyond 330 days. Likewise, even under....
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....P(IB) No. 97/7/HDB/2017) The decision of the Hon'ble NCLAT in CA. No. 185/2018, Quinn Logistics India Private Limited Vs. Mack Soft Tech Private Limited, dated May 8, 2018, wherein, the Hon'ble NCLAT has dealt with the question of exclusion of certain time period for the purpose of counting the total CIRP period. Para 9 and 10 of the aforesaid judgment reads as under: "9. From the decisions aforesaid, it is clear that if an application is filed by the 'Resolution Professional' or the 'Committee of Creditors' or 'any aggrieved person' for justified reasons, it is always open to the Adjudicating Authority/Appellate Tribunal to 'exclude certain period' for the purpose of counting the total period of 2....