TaxTMI 
TaxTMI 
2021 (1) TMI 105
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....he following prayer(s) as under: a) Allow the Resolution Professional to call for CoC meetings to deliberate and vote on the Resolution Plan received from M/s. Earthin Projects Ltd and file necessary application/memos before this Tribunal within 60 days from the date of orders of this Tribunal; or b) An exclusion of 54 days from the CIRP period which was ended on 04.02.2020 to enable the Resolution Professional to conduct necessary meetings of Committee of Creditors to deliberate and vote on the Resolution Plan to be provided by M/s. Earthin Projects Ltd. 2. Brief facts of the case as stated by the counsel for Applicant are as under: a. That this Adjudicating Authority has admitted the Corporate Debtor herein f....
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...., this Adjudicating Authority vide its order dated 27.01.2020 in IA No. 92 of 2020, allowed the exclusion of 8 days from the CIRP period. e. That in view of 66% voting of CoC members for extension of CIRP. the RP once again filed an Application for exclusion of another 7 days from the CIRP period, this Adjudicating Authority allowed the same from the computation of CIRP period. f. The following are the important dates and details of CIRP period of the Corporate Debtor as stated: Date of Admission of CIRP 25.02.2019 Delay of 8 days Date of Appointment of IRP 05.03.2019 Date of 1st CoC meeting 18.04.2019 Delay of 61 days  ....
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....ive Resolution Applicant (PRA). Members of CoC with a voting share of 74.05% have given its approval through email for exploring the new resolution plan, the details of the members given their consent are given below in table: Sl. No Name of Bank/Financial Institution Voting percent age Status 1 State Bank of India 24.51 Approval mail received 2 Indian Overseas Bank 6.24 Approval mail received 3 UCO Bank 4.95 Approval mail received 4 Edelweiss ARC Ltd 11.54 Approval mail received 5 SREI Infrastructure Finance Ltd 2.19 Approval mail received &n....
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....s feet instead of being sent into liquidation and that the time taken in legal proceedings is largely due to factors owing to which the fault cannot be ascribed to the litigants before the Adjudicating Authority and/or Appellate Tribunal, the delay or a large part thereof being attributable to the tardy process of the Adjudicating Authority and/or the Appellate Authority itself it may be open in such cases for the Adjudicating Authority and/or Appellate Tribunal to extend time beyond 330 days. And the NCLT Mumbai Bench in the matter of ICICI Bank Vs. Unimark Remedies in MA No. 1529 of 2018 wherein it has held as under: "8. Now the point is whether the Resolution Plan of the Applicant can be considered at this belated hour ....
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....ofessional and even considering the 15 days exclusion granted by this Adjudicating Authority, still time period of 54 days was lost out of the CIRP period. In view of the various judicial pronouncements and objects of IBC to revive the Corporate Debtor and maximization of value for stakeholders, the resolution plan received by the RP from Earthin Projects Limited (Resolution Applicant) shall be discussed and deliberated by the CoC to enable the Corporate Debtor to revive and continue as going concern. m. Counsel for the Applicant further filed a memo on behalf of RP by way of email in the registry on 05.06.2020, stating that the instant Application has been filed on account of receipt of a new Resolution plan from M/s. Earthin Proj....
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....onable restriction on the litigant's right to carry on business under Article 19(l)(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 o....