2020 (1) TMI 1376

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.... For Respondents : Deepak Bashta, Pawan Sharma, Arpita Yadav, Sanjiv Dagar, Deewakar Arora, Umang Mittal, Amit Upadhyay, Amulya Upadhyay, Sanjeev Singh, Amisha Agarwal, Akanksha Kaushik and Ishwar Mohapatra, Advs. ORDER CA-105(PB)/2020 1. The present company application has been filed by the resolution professional for grant of extension of 60 days in CIRP time period beyond 330 days in ....

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....r to the decision of the Hon'ble Supreme Court in Civil Appeal No. 8766-67 of 2019 in the matter of Committee of Creditors of Essar Steel India Limited Versus Satish Kumar Gupta & Ors. decided on 15th November 2019, where it was inter-alia held that: "Thus, while leaving the provision otherwise intact, we strike down the word "mandatorily" as being manifestly arbitrary under Article 1....

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....ts 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 Tribunal itself it may be open in s....

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....ibility of achieving resolution of the stressed assets of the corporate debtor within the extended period. 7. CA-105(PB)/2020 is, accordingly, allowed in the aforesaid terms. CA-2358(PB)/2019 Ld. Counsel for the non applicant-respondent No. 6 & 15 seek and are granted one week time to file reply with a copy in advance to the counsel opposite. Ld. Counsel for the applicant - IRP seeks and ....