TaxTMI 
TaxTMI 
TaxTMI 
2021 (3) TMI 25
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....ankruptcy Code, 2016 (hereinafter called as "the Code") seeking exclusion of period of lockdown to complete Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP") of the of the Corporate Debtor company Wow Solutions & Systems Private Limited (hereinafter called as the "Corporate Debtor") and for passing an appropriate order/suitable direction in the matter. 2. The Applicant through the present IA submitted that this Adjudicating Authority vide its order dated 19.12.2019 in the matter of Narottambhai Swomabhai Patel (Petitioner) v. Wow Solutions & Systems Private Limited, admitted the IB Petition bearing C.P.1602/MB/C-II/2017 and thus appointed Mr. Vinod Tarachand Agrawal as an Interim Resolution Professional in respect....
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.... The same is annexed with the present Interim Application. 5. That apart the Learned Counsel appearing for the RP during the course of hearing has appraised of this bench about the progress he made in the CIRP and duly informed that four meetings of the CoC were conducted till date of filing the present application as per the provisions of IB Code in respect of Corporate Debtor and some meetings were also conducted during the Lock down period. Thus, it seems that the Resolution Professional took necessary steps towards the CIRP by exploring the possibility of the potential Resolution/revival of the Corporate Debtor. The RP further invited Expression of Interests (EOI) in prescribed Form-G and prepared appropriate Information Memorandum as ....
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....efore any Bench of the National Company Law Tribunal or Appeal before this Appellate Tribunal". 8. In addition to the above, the IBBI vide its notification dated 20.04.2020 has also made a suitable amendment in the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 by inserting a new clause in the regulation, that provides for exclusion of period of lockdown imposed by the Central Govt. in the wake of Covid-19 outbreak from the computation of timelines for CIRP, which could not be completed due to such lockdown situation. 9. The RP further submitted that the Central Govt. vide its notification dated 30.05.2020 has pleased to permit certain activities in phasing out of the lock down area outside the Containment Zo....
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....cluded) pursuant to the notification of Central Govt. read with new amendment which took place in the Regulation of the IBBI and also by following the decision of the Hon'ble NCLAT passed in suo-moto Company Appeal (AT) (Insolvency) No. 01 of 2020 dated 30.03.2020. Hence, such period is excluded. 15. It is also a settled legal position that the period consumed in filing of the present application till its disposal can be exempted for counting of the CIRP period. As per the decision of Hon'ble Supreme Court and Hon'ble NCLAT read with relevant provisions of Limitation Act. For the sake of convenience relevant portion of above judgment are being reproduced here below. Hon'ble NCLAT in Company Appeal (AT) (Insolvency) No. 169 of 2018 in the ....
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.... Code beyond the time limit of 180 days or the extended time limit of 270 days? Actus curiae neminem gravabit - the act of the Court shall harm no man - is a maxim firmly rooted in our jurisprudence (see Jang Singh v. Brijlal & Ors. [1964] 2 S.C.R. 146 at page 149, and A.S. Antulay v. R.S. Nayak & Ors. [1988] Supp. 1 S.C.R. 1 at page 71). It is also true that the time taken by a Tribunal should not set at naught the time limits within which the corporate insolvency resolution process must take place. However, we cannot forget that the consequence of the chopper falling is corporate death. The only reasonable construction of the Code is the balance to be maintained between timely completion of the corporate insolvency resolution process, and....