2023 (2) TMI 102

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rned Counsel appearing for the 'Appellant' and Mr. Kanishk Khetan, the Learned Counsel appearing for the 'Respondent' / 'Resolution Professional', in the instant Comp. App. (AT)(CH)(Ins) No.27/2023, at the 'Admission' stage itself. 2. The 'Adjudicating Authority' (National Company Law Tribunal, Division Bench - I, Chennai), while passing the 'Impugned Order' in IA/IBC/1128/CHE/2022 in CP/IB/85/CHE/2021 on 09.01.2023 (filed under Section 60 (5) of the Insolvency & Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016) at 'Paragraph Nos.6 and 7 had among other things observed the following :- "6. In Addition to the same, the Ld. Counsel for the Applicant submitted that two (2), resolution plans have been received by the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Paragraph No.8, the 'Respondent' / 'Applicant', had in addition to the period of '170 Days', prayed for in IA/IBC/1128/CHE/2022 in CP/IB/85/CHE/2021, had sought an 'Exclusion' of the 'Period' lapsed, in regard to the operation of the 'Status quo Order' dated 25.04.2022, from the 'Corporate Insolvency Resolution Process' (CIRP), and the break-up of the said particulars is mentioned as below:- Particulars A. Exclusion for time lapsed (Already prayed in I.A. No.1258/2022) Period No. of days Adjudication of I.A. No.208/2022 02.03.2022 -26.04.2022 55 Adjudication of I.A. No.606/2022 31.05.2022 -08.07.2022 38 Adjudication of Company Appeal No.AT (CH)(Ins) No.352/2022 08.07.2022 -23.09.2022 77 Exclusion fo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he said 'impugned order', passed by the 'Adjudicating Authority' (National Company Law Tribunal, Division Bench - I, Chennai), on 09.01.2023, in regard to the completion of the 'Corporate Insolvency Resolution Process' (CIRP), and not to seek further time in the 'Resolution' of the 'Corporate Debtor'. 6. The 'Adjudicating Authority' (National Company Law Tribunal, Division Bench - I, Chennai) had categorically mentioned in the 'impugned order' dated 09.01.2023, that the 'Corporate Insolvency Resolution Process' (CIRP) of the 'Corporate Debtor', was to end on 15.01.2023. 7. The 'real grievance' of the 'Appellant' is that the 'Adjudicating Authority' (National Company Law Tribunal, Division Bench - I, Chennai), 'Allowed' the 'Applicatio....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....his stage, simpliciter, without expressing any opinion, on the 'Merits' of the matter, and also, not 'delving in deep', sets aside the 'Impugned Order' dated 09.01.2023 passed in IA/IBC/1128/CHE/2022 in CP/IB/85/CHE/2021, by the 'Adjudicating Authority', (National Company Law Tribunal, Division Bench - I, Chennai), in the interest of 'Justice', and remits back the matter in IA/IBC/1128/CHE/2022 in CP/IB/85/CHE/2021 to the 'Adjudicating Authority', (National Company Law Tribunal, Division Bench - I, Chennai), for passing necessary Orders 'De Novo' in the matter, of course, after 'Hearing', the 'Respondent' / 'Resolution Professional', by providing an opportunity of 'Hearing', by adhering to the 'Principles of Natural Justice', and to pass 'J....