2021 (12) TMI 189

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....ication filed by the Resolution Professional of Bansal Alumex Private Limited seeking extension of the Corporate Insolvency Resolution Process ("CIRP") period by 90 days beyond 31.05.2021 and exclusion of period on account of lockdown and difficulties faced from 01.01.2021 till 31.05.2021. 3. It is submitted that two Resolution Plans were received after the publication of invitation of Expression of Interest (EoI) on 10.10.2020 but were not approved as the terms were not satisfactory and was below the liquidation value. It is further submitted that the main asset of the Corporate Debtor, situated at Sankarail Industrial Park, Bombay Road, NH 6, P.S. Sankarail, District: Howrah is under the occupation of Krishna Alex Private Limited and the....

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....ondent to forthwith supply the copy of the said application being IA No. 503 of 2021 to the applicant and the applicant be granted leave to file Reply Affidavit to the same; b. Leave be granted to the applicant to intervene in I.A. No. 503 of 2021 or in the alternative of the applicant be impleaded as a Respondent in IA No. 503 of 2021. 10. This Adjudicating Authority vide an order dated 25.02.2020 admitted Bansal Alumex Private Limited into Corporate Insolvency Resolution Process in C.P.(IB) No. 1204/KB/2019 and the Respondent was appointed as the Resolution Professional ("RP"). Submissions of the Applicant 11. It is submitted that till 04.05.2021, 14th CoC meetings have been held. The Respondent had published Form G for inviting Expr....

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.... the Respondent that an application under section 7 of the Code in respect of another company viz., Krishna Alex Private Limited was pending before this Adjudicating Authority. Krishna Alex Private Limited is the alleged borrower company to which Bansal Alumex Private Limited (the Corporate Debtor) had furnished corporate guarantee. It was submitted by the Respondent that resolution of both the companies would be more beneficial. 19. It is submitted that the Code does not provide for any Group insolvency and as such there cannot be exclusion of time of CIRP on the ground of a conjoint insolvency. Pendency of the other matter is not a ground of exclusion or extension in the present matter. The timeline in the Code is sacrosanct and must be ....

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....ved by the CoC and the prospective Resolution Applicant was granted extension of 30 days. 26. The period of CIRP was previously excluded from 25.03.2020 to 31.12.2020 hence the revised date CIRP period. The period 25.03.2020 was excluded in view of the lockdown imposed by the Central Government. In I.A.(IB) No. 503/KB/2021, the Resolution Professional has sought exclusion of the period from 01.01.2021 till 31.05.2021. It is pertinent to note that neither the Central Government or the State Government had imposed lockdown during the period from 01.01.2021 till mid-May, 2021. The State Government imposed restrictions from 16.05.2021 which was extended from time to time. 27. It is seen that the initially, 180 days of the CIRP period was 23.0....