2020 (6) TMI 754

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....esenting the Appellant and Mr. Naveen Kumar, learned counsel representing the Respondent, we find that the 'Committee of Creditors' has approved the 'resolution plan' of Mr. Surender Kumar Chawla on 5th February, 2020 while the application for approval of the 'resolution plan' before the Adjudicating Authority was filed by the 'Resolution Professional' on 17th February, 2020. It is manifestly clear that there has been a delay of 10 days in filing the application under Section 31 of the 'Insolvency and Bankruptcy Code, 2016 ('I&B Code', for short) on the part of the 'Resolution Professional' for seeking approval of the 'resolution plan' of Mr. Surender Kumar Chawla. Mr. Krishnendu Datta, learned counsel appearing on behalf of the Appellan....

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....rs 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 period of 90 days from the date of commencement of the Amending Act of 2019 is exceeded, ther....

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.... 31 of the 'I&B Code' for placing the approved 'resolution plan' before the Adjudicating Authority for approval which despite diligence and best efforts on his part was improbable as he was left only with one day to complete all legal formalities including seeking performance guarantee in terms of the approved 'resolution plan', further extension of time by 10 days enabling the 'Resolution Professional' to seek approval of the 'resolution plan' from the Adjudicating Authority is warranted. 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 process' ....