2019 (6) TMI 1556

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....s Pvt. Ltd., which was admitted by this Bench vide an order dated 09.04.2018. During the CIRP period, in a peculiar circumstance, an exclusion of 115 days as well as an extension of 90 days were allowed vide an order dated 16.01.2019 so as to end the CIRP on 28.04.2019, relevant portion is reproduced as under:- "1. MA 1127/2018: This is an application dated 05.10.2018 submitted by the RP seeking exclusion of 115 days and order under Section 12 of the Code for extension of 90 days. 2. In this application placed on record the events and efforts made by the RP and on that basis this has been made that certain time has been consumed for commencement of the CIRP and for completion of process. Being convinced with the reasons as....

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....eceived, the respective societies have cancelled the agreement unilaterally after the Corporate Debtor allegedly failed to complete the project. 2. Most of these societies have filed their reply before the Adjudicating Authority and the matter is being argued before the AA. 3. The Resolution Professional, the ARs and the home buyers located and approached the office bearers of the societies to work out a settlement. However, the intransigence of the societies ensured that the matter could not progress. The societies were least cooperative and have not submitted even the ledger account with the Corporate Debtor to determine the amount due/payable from/to them. 4. Many Prospective Resolution Applicants met the Resol....

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....42 of the Constitution to extend the time of the Resolution process to protect the interest of the home buyers in view of the fact that the ordinance dated 6th June 2018 had recognized Home buyers as financial creditors and as such the CoC had to be reconstituted and the process should commence afresh. The powers under article 142 of the Constitution of India were invoked in view of the peculiar situation in this particular case. He further stated that the aforesaid judgment introduced the concept of exclusions and if there are unforeseen circumstances or period of litigation, etc. preventing the Resolution, the Resolution Professional to carry out his function, then exclusion prayer was considered and permitted by the Hon'ble NCLAT, as....