2021 (10) TMI 812

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....f, inter-alia, delays caused as a result of restrictions and lockdowns imposed because of Covid-19 and time taken in replacement of the interim resolution professional ("IRP"). The Applicant submits that such extension shall entirely be in favour of Insolvency Resolution and value maximisation, the basic objectives of the Code. 2. The Applicant states that the Application under the Section 7 of I & B Code, 2016 was admitted by this Hon'ble Tribunal vide order dated 29.10.2020, Mr. Pawan Kumar Singal was initially appointed as IRP. During the 5th Meeting of CoC held on 04.05.2021, 68.87% of the members of the CoC confirmed the appointment of the Applicant as the Resolution Professional. The same was confirmed by the order of this Hon&....

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.... to be excluded. e. Subsequently, the Government of Delhi placed a complete lockdown in the National Capital Territory, on all activities (barring limited essential service activities), which was extended from time to time till 31.05.2021. While certain non-essential activities from 31.05.2021 were allowed, however, the same was on a restricted basis. The aforesaid restrictions continued upto 05.07.2021. Therefore, 77 days are sought to be excluded in this regard, however, such period (except for period between 01.07.2021 and 05.07.2021) overlaps with paras (b) to (d) above. 4. In view of the foregoing, the aggregate number of days in this regard is 136 days, which are being prayed for exclusion. 5. It is further stated that ....

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....y it observed; "That the period of lockdown ordered by the Central Government and the State Governments including the period as may be extended either in whole or part of the country, where the registered office of the Corporate Debtor may be located, shall be excluded for the purpose of counting of the period for 'Resolution Process under Section 12 of the Insolvency and Bankruptcy Code, 2016, in all cases where 'Corporate Insolvency Resolution Process' has been initiated and pending before any bench of the National Company Law Tribunal or in Appeal before this Appellate Tribunal." (Emphasis added) 8. It is stated by the Applicant that homebuyers constitute 50.38% of the CoC, on account of being dissatisfie....