2021 (7) TMI 1080

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....ry direction to GNIDA (Greater Noida Industrial Development Authority) to approve/revise the sanction plan of Project Maple Realcon Pvt. Ltd. Situated at GH-1, Sports City, Sector-1, Tech Zone 4, Noida Extension, Greater Noida West, in terms of approval order dated 20.02.2020, passed in IB-496-(ND)/2018. b. Pass such other order(s) as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the present petition. 2. We have heard the Ld. Counsel for the applicant/Resolution Applicant as well as Respondent/GNIDA and perused the averments made in the application as well as reply filed to the application. 3. Ld. Counsel for applicant contended that the Resolution Plan has already been approved by this A....

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....9;ble Supreme Court in the matter of Anuj Jain Interim Resolution Professional for Jaypee Infratech Limited Vs. Axis Bank Limited Etc reported in Civil Appeal Nos. 8512-8527 of 2019 judgment dated 26.02.2020. ii. Decision of Hon'ble Supreme Court in the matter of Pioneer Urban Land and Infrastructure Limited and Anr. Vs. Union of India & Ors. reported in Writ Petition (Civil) No. 43 of 2019 judgment dated 09.08.2019. iii. Decision of Hon'ble NCLAT in the matter of Nikhil Mehta and Sons Vs. AMR Infrastructure Ltd. in Company Appeal No. 7 of 2017. iv. Decision of Hon'ble Supreme Court in the matter of Swiss Ribbons Pvt. Ltd. & Anr Vs. Union of India & Ors. in Writ Petition (Civil) No. 99 of 2018 judgment....

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....t the present application is filed under Section 60 (5) of IBC, 2016. Therefore, we would like to examine the said provision, to consider this fact that whether the prayer of the applicant comes within the purview of Section 60 (5) of IBC, 2016 or not? 15. The relevant provision of Section 60 (5) of IBC, 2016 is quoted below: IBC Section 60- Adjudicating Authority for corporate persons. 1. ............. 2. ............. 3. ............. 4. ............. 5. Notwithstanding anything to the contrary contained in any other law for the time being in force, the National Company Law Tribunal shall have jurisdiction to entertain or dispose of- (a) any application or proceeding by or ....

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....he insolvency commencement date and ending on one hundred and eightieth day; 19. A bare perusal of the provision shows that the insolvency resolution process period means the period of one hundred and eighty days beginning from the insolvency commencement date and ending on one hundred and eightieth day. 20. This period of 180 days may be extended under Section 12 of IBC, 2016. In view of the amended provision of Section 12 of IBC, 2016, the total period of insolvency resolution process can be of 330 days. Which means, the period so referred to in Section 5(14) of IBC, 2016 is subject to the extension made under Section 12 of IBC, 2016 or till when the Resolution Plan is approved by the Adjudicating Authority. 21. Here in the case ....