2020 (12) TMI 705

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....39;Applicant') U/s 12(2) of the I&B Code, 2016 by inter alia seeking to extend a period of 90 days from 26.05.2020 to 25.08.2020 of the Corporate Insolvency Resolution Process (CIRP) period of Corporate Debtor, in the interest of justice and equity. 2. Brief facts of the case, as mentioned in the Application, which are relevant to the issue in question, are as follows: (1) M/s. Corporation Bank ('Petitioner/Financial Creditor') had filed C.P. (IB) No. 209/BB/2019 U/s 7 of the Code R/w Rule 4 of I&B (AAA) Rules, 2016, by inter alia seeking to initiate CIRP in respect of M/s. Amintha Infrastructure Private Limited ('Respondent/Corporate Debtor') on the ground that it has committed a default of Rs. 7,17,03,414/-....

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..... The Petition mentions that the relief has been sought under section 12 of the I&B Code, 2016 for extension of CIRP period by 90 days. However, as per this provision, extension of 90 days, after the expiry of 180 days can be granted by this Authority only once. The same has admittedly already been granted vide our Order dated 25.02.2020 in IA No. 109 of 2020. But under extraordinary circumstances, this Authority can exercise its inherent powers conferred by section 60(5) of the Code, to exclude such period during which the RP was prevented by reasons beyond his control from continuing with the CIRP as per the timelines provided in the Code. 5. The Hon'ble Apex Court, in its decision in Committee of Creditors of Essar Steel India Lim....

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.... (ii) If no 'Resolution Professional' is functioning for one or other reason during the corporate insolvency resolution process, such as removal. (iii) The period between the date of order of admission/moratorium is passed and the actual date on which the 'Resolution Professional' takes charge for completing the corporate insolvency resolution process. (iv) On hearing a case, if order is reserved by the Adjudicating Authority or the Appellate Tribunal or the Hon'ble Supreme Court and finally pass order enabling the 'Resolution Professional' to complete the corporate insolvency resolution process. (v) If the corporate insolvency resolution process is set aside by the Appellate Tr....