TaxTMI 
TaxTMI 
2021 (3) TMI 1063
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....1.2021 passed by the 'Adjudicating Authority'(National Company Law Tribunal, Hyderabad Bench, Hyderabad) in IA No.1079 of 2020 in CP(IB)No.184/7/HDB/2019. 2. The 'Adjudicating Authority' (National Company Law Tribunal, Hyderabad Bench, Hyderabad) while passing the 'Impugned Order' dated 8.1.2021 in IA No.1079 of 2020 in CP(IB)No.184/7/HDB/2019 (filed by the 'Appellant/Applicant/Resolution Professional) under section 12(2) of the 'Insolvency & Bankruptcy Code, 2016, Read with Regulation 40 of Insolvency Resolution Process for Corporate Persons Regulations, 2016) and among other things at Paragarph 7 and Paragraph 8, had observed the following: "In view of the amendments brought in section 12 of the IBC, 2016 with effect from 16.0....
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.... the 'Appellant' to file an 'Application' before the 'Adjudicating Authority'/Tribunal for an extension of 'CIRP' of the 'Corporate Debtor' beyond 270 days to 330 days including the exclusion of the period lost on account of lock down in the State of Telengana. 4. The Learned Counsel for the 'Appellant', proceeds to point out that the 'Appellant' filed IA No.1079 of 2020 (330 days Extension Application) before the 'Adjudicating Authority' seeking extension of time period to complete 'CIRP' of the 'Corporate Debtor' from 270 to 330 days. 5. The Learned Counsel for the Appellant brings to the notice of this 'Tribunal' that the 'Adjudicating Authority' ((National Company Law Tribunal, Hyderabad Bench, Hyderabad) while passing the order i....
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....reme Court judgement in Committee of Creditors of Essar Steel India Limited V Satish Kumar Gupta & Ors.,which runs as under : "Thus, while leaving the provisions otherwise intact, we strike down the word "mandatorily" as being manifestly arbitrary under Article 14 of the Constitution of India and as being an excessive and unreasonable restriction on the litigant's right to carry on business under Article 19(1) (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 from the insolvency commencement date, including extensions and the time taken in legal proceedings. However, on the ....
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....e 'Appellant' comes out with an argument that 'CIRP' of the 'Corporate Debtor' may be extended beyond a period of 330 days in exceptional circumstances to be demonstrated before the 'Adjudicating Authority'/'Tribunal' at the appropriate stage. To lend support to this contention, the Learned Counsel for the 'Appellant' refers to the judgement of this 'Tribunal' in Ritu Rastogi v. Riyal Packers, Company Appeal(AT)(Insolvency) No.482 of 2020, whereby and whereunder, it is observed as follows: "This is a fit case for exercising the jurisdiction by this Appellate Tribunal being an exceptional case to depart from the general rule of 330 days being outer limit prescribed under the law for completion of the 'corporate insolvency resolution....
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....t of extending the 'Insolvency Resolution' beyond the time limit under section 12(3) of the Code is against the underlying policy of the Code for ensuring timely resolution of 'Company Insolvency'. Undoubtedly, an extension of time for extension of time for 'CIRP' is a 'critical arena'. However, the exercise of the power of extending the time limit by the 'Adjudicating Authority' in negation of the statutory provision of the Code may be desirable in an exceptional/extraordinary circumstances of a given case. 14. Be it noted, that 'speed' is the gist for the working of the 'Bankruptcy Code'. It cannot be gainsaid that the 'Corporate Insolvency Resolution' with approval of 'Plan of Resolution' is ultimately the exclusive domain of the 'Com....
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....the Corporate Insolvency Resolution Process with another 60 days with effect from the date of this order. The Applicant is hereby directed to take all necessary steps to complete the CIRP within the mandatory period of 330 days, failing which the liquidation proceeding will commence", this 'Tribunal' is of the prima facie view that the instant 'Appeal' is not maintainable, as it is a premature and otiose one. At this stage, the Learned Counsel for the Appellant seeks permission to withdraw the present 'Appeal' and acceding to his request, this 'Appeal' is dismissed as 'withdrawn'. No costs. 17. However, this 'Tribunal directs the 'Adjudicating Authority' (National Company Law Tribunal, Hyderabad Bench, Hyderabad) to take up the IA No.120....