2018 (2) TMI 2001

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....D Justice Bansi Lal Bhat, Member (Judicial) For the Appellant : Mr. Narender Hooda, Senior Counsel assisted by Mr. Vikas Saharan, Advocate. For the Respondent : None ORDER This appeal has been preferred by Appellants Shareholders/Directors against order dated 25th January, 2018 passed by the Adjudicating Authority (National Company Law Appellate Tribunal) Special Bench, New Delhi, wher....

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.... order aforesaid to clarify as to from which day the period of 90 days is to be counted, i.e. from 16th January, 2018 or from the 181st day. Therein the impugned order was passed. 3. Learned counsel appearing on behalf of the Appellants submits that the time taken by the Adjudicating Authority in deciding the application should not be counted for the purpose to counting the extended period as t....

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.... instructed to do so by a resolution passed at a meeting of the committee of creditors by a vote of 75% of the voting shares. The provision does not stipulate that such application is to be filed before the Adjudicating Authority within 180 days. If within 180 days including the last day i.e. 180th day, a resolution is passed by the committee of creditors by a majority vote of 75% of the voting sh....

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....roved instead of going for liquidation, which is the last recourse on failure of resolution process. 6. For the aforesaid reasons, we set aside the impugned order dated 18th December, 2017 and extend the period of resolution process for another 90 days to be counted from today. The period between 181st day and passing of this order shall not be counted for any purpose and is to be exclude....