2021 (9) TMI 1206

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....tes for Respondent Nos. 1 & 3. Ms. Smriti Churiwal, and Ms. Deepti Babel, Advocates for Respondent No. 2. ORDER (Through Virtual Mode) The appellant has filed this appeal against the order dated 17.3.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench Court III) in I.A. No. 410 of 2021 in CP(IB) No. 775(MB)/2019 assailing the permission granted by the Adjudicating Authority for exclusion of a period of 146 days pursuant to the stay granted by the Hon'ble NCLAT in Company Appeal (AT)(INS) 376/2020 from 04.03.2020 till 27.07.2020. 2. The parties were heard today. The Learned Counsel for Appellant has stated that the Adjudicating Authority has erred by wrongly interpreting the order of Hon'ble NCL....

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....e perused the replies submitted by the Respondent Nos. 1, 2 and 3 as well as written submissions of the parties. 6. Respondent Nos. 1 and 3 have submitted in their replyaffidavit that the order dated 4.3.2020 of Hon'ble NCLAT in CA (AT)(INS) 376/2020 are amply clear, wherein direction was given to the Resolution Professional to desist from constituting the COC (if not done so till then) so that the Appellant could give effect to the settlement proposal. He has added that the stay order would be clear if we peruse the order dated 23.7.2020 in CA (AT)(INS) No. 376/2020 (pp. 20-21 of Appeal Paperbook), which is as follows:- "It is open to the Resolution Professional of 2nd Respondent to constitute the 'Committee of Creditors' and t....

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....icers/Director/employees. The persons who are working will perform their duties including the paid Directors. The person who is authorised to sign the bank cheques may sign cheques only after authorisation of the 'Interim Resolution Professional' with counter signature of the 'Interim Resolution Professional/RP at the back side of the cheques. Only in such case, the Bank shall release the payment. The 'Interim Resolution Professional' will place this order before the Banks, in which accounts of 'Corporate Debtor' are maintained. The Bank Account(s) of the Corporate Debtor be allowed to be operated through IRP/RP for day-today functioning of the Company such as for payment of Current Bills of the Suppliers, Salaries and Wages of the employee....