TaxTMI 
TaxTMI 
TaxTMI 
2019 (11) TMI 1469
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.... Creditors (COC) of M/s. Skyhigh Infraland Pvt. Ltd. through the Resolution Professional under Section 60(5)(c) of Insolvency and Bankruptcy Code, 2016 (Code) seeking exclusion of time on account of litigation and for further extension of time by three months beyond the Corporate Insolvency Resolution Profession (CIRP) period of 270 days which was expiring on 29.07.2019. 2. The applicant has filed a compliance affidavit enclosing various annexures vide Diary No. 6178 dated 07.11.2019. It is stated therein that the CIRP against the corporate debtor was announced on 29.10.2018 and the Form G for the first time was published on 16.01.2019 and since no Expression of Interest (EOI) and resolution plans were received within the last date, Form G....
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....voting. In 12th meeting of COC held on 24.10.2019, the Resolution Professional (RP) apprised the COC Members that he received another resolution plan from M/s. INR Constructions on 20.10.2019, however, the COC has not considered the said plan by holding that the same is barred under the provisions of the Code and to avoid unnecessary delay and in the best interest of the financial creditors the revised plan submitted by H1 Ms. Seema Rana should be considered and put for e-voting. 5. We may add here that the meetings of the COC were convened after the period of 270 days of CIRP had expired on 29.07.2019 and despite the present application for exclusion of time being pending before the Tribunal. However, we are taking into consideration the ....
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....fied that the subject matter of the case is such that corporate insolvency resolution process cannot be completed within one hundred and eighty days, it may be order extend the duration of such process beyond one hundred and eighty days by such further period as it thinks fit, but not exceeding ninety days: Provided that any extension of the period of corporate insolvency resolution process under this section shall not be granted more than once: [Provided further that the corporate insolvency resolution process shall mandatorily be completed within a period of three hundred and thirty days from the insolvency commencement date, including any extension of the period of corporate insolvency resolution process granted under this section an....
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....is available upto 15th November, 2019. Reliance has also been placed on a decision of this Court in "Arcelormittal India Pvt. Ltd Vs. Satish Kumar Gupta and Ors.", reported in (2019) 2 SCC 1. Without deciding the aforesaid issue finally, the learned counsel for the parties have agreed that one more effort should be made to resolve the issue. It was also pointed out that expression of interest have already been indicated by eight other parties. The learned Solicitor General has also submitted that the Resolution Professional may be permitted to invite the fresh offers within a period of 21 days as an earlier offer had been invited and considering the time limit of 15.11.2019, 21 days may be fixed instead of 30 days for submission of the of....
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....sent case in view of third proviso to sub-section (3) of Section 12, we set aside the impugned order and allow the 'Resolution Applicant to move before the 'Committee of Creditors' and 'Resolution Professional and direct completing of the process within 90 days from the date of commencement of Insolvency & Bankruptcy Code (Amendment Act, 2019) i.e. w.e.f. 16th August, 2019" 10. Following the aforesaid decisions this Tribunal also passed, identical orders in various cases. 11. Therefore, we are of the considered view that in cases where CIRP is pending and has not been completed within the period of 330 days the 3rd proviso to Section 12 is applicable. 12. Taking a similar view, we dispose of CA No. 569/2019, as under: i....