TaxTMI 
TaxTMI 
2021 (5) TMI 898
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....raying therein following reliefs:- a. To allot the present application. b. To exclude the 154 days from time limit of 270 days prescribed under the Code to continue the CIRP till 17.07.2020. c. To exclude the Covid-19 period exclusion for the period beyond 17.07.2020 to 27.07.2020 for the situs of office of RP (as registered with Insolvency and Bankruptcy of India) being in Containment Zone at Vaishali Sector-1. Ghaziabad. d. To exclude the stay period (39 days) imposed by Hon'ble NCLAT as per its order dated 27.07.2020 for which voting line for resolution plan approval was suspended till 04.09.2020. e. This another period of 49 days be excluded after 17.07.2020 till 04.09.2020. f. T....
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....s Ltd. Vs. K K Laxhminarayan & Ors in Company Appeal (AT) (Insolvency) No. 637 of 2018 has laid down the circumstances, wherein the period involved can be excluded in computing the period of total 270 days. Extracts from the said judgment are produced as below:- a. "If the Corporate Insolvency Resolution Process is stayed by the Adjudicating Authority (NCLT or NCLAT), High Court or Supreme Court. b. If the no resolution professional is functioning for one or other reasons, like removal, during the Corporate Insolvency Resolution Process. c. The time gap occurred between the date of passing of the order of admission or moratorium and the date from which the resolution professional took charge to commence the Corpor....
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....licant has referred the Rules 15 and 153 of the NCLT Rules, 2016 and submitted, this Adjudicating Authority is empowered to enlarge and extend the period of CIRP. 5. He further submitted that Hon'ble NCLAT in Maharashtra Seamless Ltd. Vs. K K Laxhminarayan & Ors in Company Appeal (AT) (Insolvency) No. 637 of 2018 has given certain guidelines for the exclusion of CIRP period and so on this ground, the applicant has prayed for exclusion of time, as referred in the prayer portion of the application. 6. In the light of the submissions made on behalf of the applicant/IRP, we consider the prayers as well as position of law as referred by the Ld. Counsel for the applicant in course of his argument. So far prayer (b) of the applicant to e....
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....e Resolution Plan or voting on the Resolution Plan was stayed by the Hon'ble NCLAT. Rather Hon'ble NCLAT passed the order, any action taken in regard to the approval of the Resolution Plan shall be subject to the outcome of this appeal. Therefore, we are unable to accept the contention of the Ld. Counsel for the Resolution Professional that Hon'ble NCLAT in the said appeal has stayed the CIRP. 9. For the reasons discussed above, since the proceeding was not stayed by the Hon'ble NCLAT, therefore, the prayer of the applicant to exclude the period commencing from 27.07.2020 to 04.09.2020(39 days) on the ground that Hon'ble NCLAT has stayed the proceeding is not liable to be accepted. Accordingly, this prayer of the appl....
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....mpletion of CIRP and in view of second proviso of Section 12 Sub Section 3 of the IBC, 2016, the Insolvency Resolution Process shall mandatorily be completed within the period of 330 days from the insolvency commencement date. 12. Hence, we are unable to accept the contention of the Ld. Counsel for the applicant that this Adjudicating Authority is empowered to extend or exclude the period under Rule 15 and 153 of the NCLT Rules, 2016. 13. Now, coming to prayer of the applicant to exclude the period of 11 days on the ground that office of RP (as registered with Insolvency and Bankruptcy of India) being in Containment Zone at Vaishali Sector-1, Ghaziabad. Considering this, we think it proper the exclude the period of 11 days commencing ....