TaxTMI 
TaxTMI 
2021 (5) TMI 778
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....fore the Adjudicating Authority (NCLT New Delhi Bench- II) praying to exclude the time consumed on account of time loss due to the lockdown imposed by the Government of India and State Government and time consumed due to pendency of I.A. 4208 of 2020. 2. The Learned Counsel submitted that the Hon'ble Adjudicating Authority considered to exclude 97 days period from 25.03.2020 to 30.6.2020 on the ground of lockdown imposed by the Central Government as well as State Government instead of 160 days. Further, the Hon'ble Adjudicating Authority rejected the exclusion of time which was consumed due to pendency of I.A. The Learned Counsel submitted that as per Section 12(3) of the IBC 330 days time is fixed by the Code for the purpose of co....
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....hat the 43 days period is too insufficient to steer the CIRP to a successful conclusion. 5. The Learned Counsel relied upon the decision of the Hon'ble Supreme Court and this Tribunal in support of his case. 6. Heard the Learned Counsel for the Appellant. The Learned Adjudicating Authority vide its order dated 17.03.2021 excluded 97 days on account of lockdown taking into consideration the period from 25.03.2020 to 30.06.2020 instead of 25.03.2020 to 31.08.2020 as prayed by the Applicant while calculating the total period of CIRP. However, the Learned Adjudicating Authority rejected the exclusion of time consumed in judicial intervention for the purpose of calculating total CIRP period. From the perusal of paragraph 10 of the impugned....
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....e exceptional circumstances for excluding the time. It is unequivocal that the country faced pandemic situation namely Covid -19 and due to the said pandemic the whole nation suffered and regular activities have come to a stand still. The Learned Adjudicating Authority ought to have considered the situation as exceptional circumstances for the reason of prevailing pandemic in the country and the CIRP process was still at nascent stage. It is an admitted fact that only 3 meetings have been convened from the date of commencement of CIRP till August, 2020. However, an Application is filed for replacing the RP. The said Application was pending for consideration before the Learned Adjudicating Authority and the same was disposed of on 27.01.2021....
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....had shown the exceptional circumstances one is the imposition of lockdown and pendency of the judicial proceedings before the Adjudicating Authority. Apart from the above, the Hon'ble Supreme Court in a number of cases clearly held that the liquidation is the last resort. In the present case as discussed above the CIRP is at nascent stage and the Resolution Professional has to take forward duly complied with the procedure as prescribed under the Code for the purpose of Resolution of the Corporate Debtor instead of pushing the Corporate Debtor into liquidation. This Tribunal in suo moto Company Appeal (AT) (Insolvency) No. 01 of 2020 dated 31.03.2020 excluded the period of lockdown ordered by the Central Government and State Government i....