2021 (4) TMI 803

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....ed Order dated 9th February, 2021 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi) in I.A. 411/ND/2021 in Company Petition bearing No.(IB)1896/ND/2019 whereby the Adjudicating Authority partly allowed the Interlocutory Application - I.A. No.411/ND/2021. The Resolution Professional had sought extension of CIRP (Corporate Insolvency Resolution Process) period by excluding 221 days from 25th March, 2020 to 31st October, 2020 due to COVID-19 situation in the country, along with extension of 90 days which the Adjudicating Authority had granted vide Order dated 11th February, 2020. It is claimed that the Adjudicating Authority excluded period only from 25.03.2020 to 31.05.2020 on the basis that it had done so, in an....

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.... resolution process beyond 330 days, and that it would be in the interest of all stakeholders that the corporate debtor be put back on its 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 such cases for the Adjudicating Authority and/or Appellate Tribunal to extend time beyond 330 days. Likewise, even under the newly added proviso to Section 12, if by reason of all the aforesaid factors the grace pe....