TaxTMI 
TaxTMI 
2021 (3) TMI 1054
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....plications may briefly be stated. The Company Petition No. 3141 of 2018, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (the Code), was admitted by this Tribunal by order dated 23.09.2019, whereby inter alia one Mr. Rajeev Nandkishore Bhatia was appointed as the Interim Resolution Professional (IRP) and the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor commenced. 3. It is submitted that the IRP received the communication for his appointment only on 19.10.2019. In response to the public announcement on 22.10.2019 claims were received from the creditors and the Committee of Creditors (CoC) was formed. 4. The CoC in its meeting held on 13.01.2020 resolved to appoint the present Applicant, Mr. Brijendra Kumar Mishra, as the Resolution Professional (RP). The same was approved by this Tribunal by order dated 24.01.2020 in M.A. No. 267 of 2020. The RP submits that he received the communication for his appointment as RP on 03.02.2020 and accordingly he took the charge of affairs of the Corporate Debtor on 06.02.2020. 5. On 17.02.2020 the RP issued an advertisement in Form-G inviting Expression of Interest (EOI). The last date of submission of ....
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....20, wherein it was unanimously decided by the CoC to invite revised Resolution Plans and further revised Resolution Plans with improved financial proposals. The same were presented by the RP to the CoC in the 9th meeting held on 11.09.2020. 10. The RP submits that, the process of evaluation, negotiation, subsequent modification and voting upon the Resolution Plans which could enable the resolution of the Corporate Debtor is under progress and yet to be concluded. 11. That he has lost substantial amount of time due to various factors inter alia late appointment of the RP, sheer volume of work for the purpose of keeping the Corporate Debtor as a going concern, publication of extended EOI and most importantly the nationwide lockdown due to Covid-19 outbreak, thus leading to lack of access to necessary resources for the purpose of conducting the CIRP of the Corporate Debtor in an efficacious manner. Therefore, CoC in its 9th meeting permitted the RP to seek exclusion of time. The RP accordingly filed IA No. 1504 of 2020 seeking exclusion of the lockdown period of at least 120 days from the CIRP period to enable the CoC to consider the Resolution Plans presented before them. 12....
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....on Plan and 45 days to submit the detailed Plan, to which RP replied by email of even date reiterating that the process had be to be completed within 330 days despite the lockdowns and that extension was not within his purview. 17. The said Promoter relies on the order of the Hon'ble NCLAT (supra) and the Notification dated 20th April, 2020 in support of his plea for exclusion of the lockdown period from the CIRP period of 330 days and consequent extension of the timeline in submitting the Resolution Plan. 18. It is submitted that he seeks an opportunity to submit a Resolution Plan. In case his Plan is approved by the CoC, it would be beneficial not only to the Company but also to other stakeholders like employees, customers and suppliers, in view of the fact that the promoters know the Company and its business for many years and that entry of an external party may cause disruption to the business. He apprehends that the Company might not attract any other Resolution Applicants which may lead to the liquidation of the Company. 19. The said Promoter submits that the Hon'ble Supreme Court in the decision of Committee of Creditors of Essar Steels Limited Vs. Satish Kumar Gupt....
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....aid meeting it was very well clarified to the said Promoter, that necessary directions shall have be taken form this Tribunal on such a question of law. 23. In view of the developments, the RP and the suspended Promoter of the Corporate Debtor are before us respectively seeking the following reliefs: IA No. 973/MB/2020: A) That this Hon'ble Tribunal be pleased to extend the period of corporate insolvency resolution process of the Corporate Debtor under Section 12 of the Insolvency and Bankruptcy Code, 2016, beyond 180 (One hundred and eighty) days by a period of 90 (ninety) days plus 26 days as reference in Para No. 9 of Application aggregating to 116 days with effect from March 21, 2020; B) That this Hon'ble Tribunal be pleased to pass such other and further orders as this Hon'ble Tribunal may deem fit and appropriate in the facts and circumstances of the present case. IA No. 1504/MB/2020: A) That this Hon'ble Tribunal be pleased to list the Interlocutory Application bearing diary No. 2048 for urgent hearing along with the present Interlocutory Application and allow an extension of a period 116 days from the date of expiry of 180 day....
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....tral and/or State). To obviate such difficulties and to ensure that lawyers/litigants do not have to come physically to file such proceedings in respective Courts/Tribunals across the country including this Court, it is hereby ordered that a period of limitation in all such proceedings, irrespective of the limitation prescribed under the general law or Special Laws whether condonable or not shall stand extended w.e.f. 15th March 2020 till further order/s to be passed by this Court in present proceedings. We are exercising this power under Article 142 read with Article 141 of the Constitution of India and declare that this order is a binding order within the meaning of Article 141 on all Courts/Tribunals and authorities. This order may be brought to the notice of all High Courts for being communicated to all subordinate Courts/Tribunals within their respective jurisdiction." * The Hon'ble NCLAT on 30.03.2020 in Suo Moto Company Appeal (AT) (Insolvency) No. 01 of 2020 ordered as follows. "(1) That the period of lockdown ordered by the Central Government and the State Governments including the period as may be extended either in whole or pa....
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.... shall be eligible to submit a resolution plan if such person makes payment of all overdue amounts with interest thereon and charges relating to nonperforming asset accounts before submission of resolution plan: [Provided further that nothing in this clause shall apply to a resolution applicant where such applicant is a financial entity and is not a related party to the corporate debtor. ... (h) has executed [a guarantee] in favour of a creditor in respect of a corporate debtor against which an application for insolvency resolution made by such creditor has been admitted under this Code 2 [and such guarantee has been invoked by the creditor and remains unpaid in full or part]; ..." 26. As already indicated the CIRP period is being extended. Therefore, there would not be any impediment in giving the Applicant (erstwhile Promoter) an opportunity to take part in the Resolution Process of the Corporate Debtor. 27. The Union of India in Ministry of Micro, Small or Medium Enterprises (MSME) by a Notification No. S.O. 2119(E). dated 26.06.2020 notified certain criteria for classifying certain enterprises as Micro, Small or Medium enterprises. The ....