2022 (9) TMI 1348

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.... 21.07.2022 passed by Adjudicating Authority (National Company Law Tribunal, Indore Bench, Court No. 1) in I.A. No. 88 of 2020 filed by the Appellant. The Adjudicating Authority by the impugned order has rejected the I.A. The CIRP against the Corporate Debtor was initiated by order dated 15.02.2019. The Resolution Plan submitted by the Appellant came to be approved by Committee of Creditors on 07.02.2020. Before the Plan could be approved an application was filed by the Appellant praying that the Plan be sent back to the Committee of Creditors to resubmit the Plan after being satisfied that the Plan has provision for its effective implementation. The Adjudicating Authority approved the Plan by order dated 04.06.2020. Thereafter, the Appell....

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.... on 05.06.2020 which imposed a temporary suspension of initiation of CIRP under Sections 7,9 and 10 IBC for defaults arising for six months from 25.03.2020 (extendable by one year). This was followed by an amendment through the IBC (Second Amendment) Act, 2020 on 23.09.2020 which provided for a carve-out for the purpose of defaults arising during the suspended period. The delays on account of the lockdown were also mitigated by the IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020, which inserted Regulation 40-C on 20-4-2020, with effect from 29-3-2020, and excluded such delays for the purposes of adherence to the otherwise strict timeline. Recently, the IBC (Amendment) Ordinance, 2021 was promul....