2019 (12) TMI 1558

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....the same before the Bench at the time of final disposal. The application stands disposed of. CA-2668(PB)/2019 The present company application has been filed by the resolution professional for exclusion of 462 days from the Corporate Insolvency Resolution Process period. In the present case IB-104(PB)/2018 filed by Oriental Bank of Commerce under Section 7 of the Code was admitted on 30.05.2018 and the Insolvency Process in respect of corporate debtor M/s Piyush Colonisers Limited was initiated with effect from 30.05.2018. There is also no dispute that on the date of enforcement of the Insolvency and Bankruptcy Code (Amendment) Act 2019 i.e. as on 16.08.2019 the Insolvency Resolution Process in respect of the present Corporate De....

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.... of the Hon 'ble Supreme Court in Civil Appeal No. 8766-67 of 2019 in the matter of Committee of Creditors of Essar Steel India Limited Versus Satish Kumar Gupta & Ors. decided on 15th November 2019, where it was inter-alia held that: "Thus, while leaving the provision othenvise intact, we strike down the word "mandatorily" as being manifestly arbitrary under Article 14 of the Constitution of India and as being an excessive and unreasonable restriction on the litigant's right to carry on business under Article 1 9(1)(g) of the Constitution. The effect of this declaration is that ordinarily the time taken in relation to the corporate resolution process of the corporate debtor must be completed within the outer limit of 330 d....