2020 (2) TMI 1390

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....for seeking extension of 50 days in the CIR Process period. 2. That the background of the case in brief is that the Financial Creditor, Punjab and Sind Bank filed an application bearing no. IB-1221(ND)/2018 under Section 7 of the Code for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Alpine Realtech Private Limited. The said application was admitted by this Tribunal vide Order dated 12.03.2019 and Ms. Anju Agarwal was appointed as Interim Resolution Professional (IRP). 3. It is submitted by the IRP that in the meantime, the period 330 days of the CIR Process has expired on 04.02.2020. 4. It is submitted by the IRP that the Corporate Debtor belongs to the Real Estate sector and 52.39....

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....RP PERIOD   6. The Ld. IRP had placed the Minutes of the 8th Meeting of CoC held on 28.01.2020, whereby the Resolution regarding the extension of time to submit Resolution plan by the prospective Resolution Applicant by 15 days and another Resolution regarding extension of CIR Process by 45-50 days was put to vote before the members of CoC. 7. That the E-voting in respect of the 8th Meeting of the COC took place from 31.01.2020 to 03.02.2020, wherein both the Resolutions were passed by 100% voting. The Ld. IRP has annexed the E-voting results for the aforesaid Resolutions in the application. 8. That to support their contention for seeking extension of CIRP beyond 330 days, the Ld. IRP has placed reliance on the Judgement of....

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.... 19(1)(g) of the Constitution. The effect of this declaration is that ordinarily the time taken in relation to the corporate resolution process of the corporate debtor must be completed within the outer limit of 330 days from the insolvency commencement date, including extensions and the time taken in legal proceedings. However, on the facts of a given case, if it can be shown to the Adjudicating Authority and/or Appellate Tribunal under the Code that only a short period is left for completion of the insolvency resolution 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 lar....