2021 (10) TMI 814

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.... a. The Hon'ble Tribunal may be pleased to grant an exclusion of time period from 10.05.2021 till 14.06.2021 or such period that this Hon'ble Tribunal deems fit and proper that is lost during the lockdowns and restrictions imposed by the State and Central Governments as explained supra from the Corporate Insolvency Resolution Process period of the Corporate Debtor; b. The Hon'ble Tribunal may be pleased to grant an extension of time under section 12(2) of the Insolvency and Bankruptcy Code, 2016 by 90 days as per the Insolvency and Bankruptcy Code to enable the Committee of Creditors to consider and approve the Resolution Plan for the Corporate Debtor and its implementation as may be deemed fit and proper; and ....

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....ode. In the 1st CoC meeting, it was unanimously resolved to appoint the Applicant herein as the Resolution Professional (RP) in respect of the Corporate Debtor. Further, due to the pandemic, there was a delay in valuation of the assets of the Corporate Debtor, and the Form G was issued by the Applicant on 03.09.2020. Thereafter, in the 4th CoC meeting the last date for the submission of the Resolution Plan was extended till 20.11.2020 and since the prospective Resolution Applicant has sought extension till 31.12.2020, the CoC in its 5th CoC meeting held on 21.11.2020 has passed a resolution for reissue of the request for Resolution Plan, by giving time till 15.01.2021 for submission of Expression of Interest. Also, the CoC in its 6th Meetin....

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.... for the Applicant and perused the records placed on file. In the facts of the present case, it is to be noted that this Tribunal already vide its order dated 16.04.2021, for the reasons stated therein, has granted exclusion of lockdown period starting from 25.03.2020 to 31.12.2020. However, the present application has been moved by the Applicant seeking further exclusion of the lockdown period from 10.05.2021 to 14.06.2021. From the facts narrated above, it is seen that the Resolution Plan is under consideration before the CoC members and as such it becomes necessary to extend the period of CIRP in order for the CoC to consider the Resolution Plan. It is also seen that the CoC is pondering on the Resolution submitted by the prospective Res....