2026 (3) TMI 92

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....has been filed by the Authorised Representative of the Class of Unsecured Financial Creditors having voting share of 72%. The Appellant is aggrieved by the order dated 20.02.2026 passed by the Adjudicating Authority (National Company Law Tribunal) New Delhi, Court-III by which IA No.410 of 2026 praying for exclusion of time from 12.06.2024 till 21.11.2025 has been rejected. 3. The Application was filed by the Resolution Professional on the basis of decision of the Committee of Creditors (CoC) seeking exclusion. The Adjudicating Authority by the impugned order has rejected the exclusion observing that the CoC resolution to seek exclusion of period of 525 days on the premise that the orders were reserved in IA No.4684 of 2025, however, it ....

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....t No. 1 wherein the payout proposal as provided in the MOU was discussed and was mutually revised. The Applicant herein was informed that in terms of the Agreement arrived at between the parties, the payout proposal stood revised to the tune of INR 22.90 Crores payable within 60 days of the segregation of project CHD Vann. 34. In view of the aforesaid facts and circumstances, it is respectfully submitted that pursuant to the Order dated 24.01.2024 passed by this Hon'ble Adjudicating Authority (Principal Bench) with respect to publication of Form-G, the CIRP of the Corporate Debtor effectively remained at a standstill and the Applicant/Resolution Professional was rendered incapable of proceeding further with the CIRP within the ....

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....t the observations of the Adjudicating Authority and the reasons which have been taken into consideration for rejecting the application in para 5 (xi) are not the reasons which were claimed before the Adjudicating Authority. Even if the statement recorded by the Resolution Professional on 24.01.2024 cannot be said to be any kind of stay on the CIRP, however, that was the reason for CIRP not being proceeded further and when the Adjudicating Authority itself has excluded one of the project on 21.11.2025, the said period require exclusion. 7. Counsel for the Resolution Professional has supported the Appeal and submitted that the application filed for exclusion was on the valid reason as mentioned in the application. 8. After having heard....