2022 (7) TMI 197

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....lia seeking the exclusion of 147 days from 10.12.2021 (visit of registered office by RP) to 07.05.2022 (statutory auditor provided some financial information) from the CIRP period of 180 days as envisaged under IBC on account of time consumed due to non cooperation by the suspended directors and management of the corporate debtor. 2. The facts mentioned in the instant application are stated in brief as follow: i. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, M/s. Prabhatam Advertising Private Limited, vide order dated 30.11.2021 passed by this Adjudicating Authority, admitting the application under Section 9 of the Code filed by the Operational Creditor whereby the applicant was a....

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....oks of accounts. However, the applicant received no information from the suspended Board of Directors, accounts head or the former employees of the corporate debtor. Accordingly, the applicant had filed an application (IA/92/ND/2022) under Section 19(2) of the IBC, 2016 for non cooperation by the suspended board of directors. vi. The applicant at his own effort managed to get in contact with the statutory auditor of the corporate debtor, when he got to know that the statutory auditor was unable to conduct audit after 31.03.20219(sic) since the management has not provided the date to the statutory auditor. Further on the perusal of the limited financial data available with the applicant, the applicant found dubious and suspicious tr....

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....bserved that the applicant had made all the possible endeavours in discharging his duties as a resolution professional and after the documents from the statutory auditor were received, the applicant is in a position to run the Corporate insolvency resolution process of the corporate debtor including preparation of the information memorandum, invite expression of Interest and other duties as envisaged in the code. 5. In the facts and circumstances of the case and to promote the end of justice, we allow the exclusion of 147 days for the purpose of counting the period of 'Corporate Insolvency Resolution Process' of 180 days from 10.12.2021 (visit of registered office by RP) to 07.05.2022 (statutory auditor provided some financial in....