2022 (2) TMI 742

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed by the 'Adjudicating Authority' (National Company Law Tribunal), Ahmedabad Bench - Court No. 1 in I.A No. 453(AHM) 2021 in CP(IB) 213 of 2018. 2. The 'Adjudicating Authority' in I.A No. 453(AHM) 2021 in CP(IB) 213 of 2018 has not granted exclusion of certain period of 'Corporate Insolvency Resolution Process' (CIRP) inspite of the Resolution passed by the 100 % voting share of the Committee of Creditors (CoC) of the Corporate Debtor (CD). The Adjudicating Authority while passing the impugned order has observed the followings : "IA No. 453 of 2021 is filed by the Applicant for extension of period. In fact, we have already extended the period vide order dated 30.03.2021 in IA No. 179 of 2021. It appears from record that assets ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ublication shall form part of CIRP costs". "Resolved that the application for exclusion of period to be filed with the Hon'ble NCLT by the RP as approved by the Committee." "Further resolved that the members of the CoC to authorize the RP Mr. Vinod Agrawal, IP registration No. IBBI/IPA-001/IP-P00641/2017-18/11090 to file necessary application with the adjudicating authority, Hon'ble NCLT, Ahmedabad for excluding the period of CIRP for an extended period of 90 days". On E-voting, the resolution was passed with 100% assent and the same is considered to be approved." 4. The Ld counsel for the appellant has stated that the exclusion of 90 days from the CIRP of the CD would save the company from 'Liquidation'. It wa....