TaxTMI 
TaxTMI 
2021 (1) TMI 342
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.... the application in brief are:- 2.1 That this Tribunal admitted the petition bearing CP (IB) No. 357/7/HDB/2018 filed under Section 7 of the Code on 11.07.2019 and CIRP commenced against Corporate Debtor/ M/s. Sai Lilagar Power Generation Limited by appointing the Applicant herein as Interim Resolution Professional who has been subsequently confirmed as Resolution Professional in the 1st CoC meeting held on 09.08.2019. 2.2 After assuming charge of Interim Resolution Professional, the Applicant issued public announcement on 13.07.2019 inviting claims from the creditors of the Corporate Debtor by 25.07.2019. The Applicant, after collating and verifying the claims received, constituted 1st Committee of Creditors (CoC) on 02.08.2019. The Co....
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....lowing:- (i) Release of Information Memorandum to the prospective resolution applicants. (ii) Release of Evaluation Matrix. (iii) Release of Request for Resolution Plan (RFRP) (iv) Appointment of Confiex Data Room Private Limited as data room agency for Corporate Debtor. (v) Interim Finance amounting to Rs. 1,50,47,344/- under Section 5(15) of the Code for meeting CIRP costs, to be contributed by the members of the CoC, in proportion to their voting share in the CoC. (vi) Approval for moving an application for extension of 90 days CIRP. 2.7 The Resolution Professional / Applicant herein has received a request from one of the prospective resolution applicants seeking further time to submit their bid bond, which was approved by ....
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....meline for a period of 15 days, if necessary. However, pursuant to request made by two prospective resolution applicants, the CoC ratified vide its resolution dated 17.01.2020 for extension of the last date for submission for 15 days i.e. from 18.01.2020 to 03.02.2020. When the Resolution Professional failed to receive any resolution plan on 03.02.2020, on the request of resolution applicants, the last date was again extended to 24.02.2020. 2.12 It is the case of Applicant that 180 days period of CIRP of the Corporate Debtor was to be completed by 07.01.2020. However, this Tribunal on the Application moved by Resolution Professional bearing IA No. 2/2020 granted 90 days extension of CIRP of Corporate Debtor and the same was to expire on 0....
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....ifficulties during the CIRP which involved considerable time and documentation, details of which are enumerated at para 29 (a) to (d) at page Nos. 10-11. A mail dated 05.06.2020 from another prospective resolution applicant i.e. Ind Synergy Limited requesting for a site visit for enabling them to file their Resolution Plan is stated to have been received by the Applicant. However, owing to lockdown Applicant could not oblige for a site visit and as such did not receive any resolution plan from the said prospective resolution applicant. This further delayed the CIRP process. 2.17 The CoC in its 7th CoC meeting approved the Final Resolution Plan submitted by the successful resolution applicant subject to prior receipt of the Addendum which ....
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....17.06.2020 passed a resolution authorising the Applicant to make an application for seeking extension of timeline of CIRP period by 60 days for completion of CIRP and various impeding activities. 5. The Learned Counsel for Resolution Professional would contend, in the normal course, the CIRP of 270 days was completed by 06.04.2020. The Learned Counsel contended, there was lockdown imposed by Central Government commencing from 25.03.2020 and in the State of Telangana the lockdown was extended till 07.06.2020. The Learned Counsel would contend, Regulation 40C of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2020, provides for exclusion of lockdown period from the CIRP. If this per....