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Tribunals and CommissionsDivision Bench(2020) 07 NCLT CK 0140

Sendoz Commercials Private Limited vs Kohinoor Paper And Newsprint Private Limited And Ors

National Company Law Tribunal · Decided on 3 July 2020

HON’BLE JUDGES
Jinan K.R., J · Harish Chander Suri, Member (Technical)
RESULT
Disposed Of
CASE NUMBER
Interlocutory Appeal (IB) No. Of 2020 In Company Petition (IB) No. 1694/Kb Of 2018
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Judgment

8 paragraphs · 379 words

Jinan K.R., J

1.

Mr. UDAY NARAYAN MITRA, Resolution Professional for M/s. Kohinoor Paper and NewsPrint Private Limited,/CD undergoing CIRP filed this un-numbered application under section 12(2) and (3) of the IB Code 2016, seeking extension of period of the insolvency resolution process beyond 180 days.

2.

This application was filed requesting for urgent hearing in the matter since there has been much delay due to the country wide lockdown in the pandemic situation. Having been satisfied with the urgency trying to set up, the application is admitted and listed for hearing on today (03.07.2020).

3.

The Corporate Debtor was put under CIRP by an order of this Tribunal dated 26.09.2019 and the applicant was appointed as the Resolution Professional. The Ld. Counsel Ms. Shreya Choudhary for RP, submitted that the CIRP is in progress and an invitation for EoI was called for. Since no EoI was received, fresh publication was issued fixing the last date of receipt of the EoI on 11th July, 2020. She also submitted that in the 4th meeting of the Committee of Creditors on 07.02.2020 the Committee of Creditors gave 100% votes for the proposal for extension of the duration of CIRP beyond 180 days and directed the applicant to submit an application before the Adjudicating Authority. Accordingly, he filed this application praying for extension of the period of the corporate insolvency resolution process beyond 180 days.

4.

Upon hearing the argument and perusal of the records submitted before us we are satisfied that, the CIRP cannot be completed within 180 days already fixed, and accordingly, the application is liable to be allowed, by extending the duration of the CIRP beyond 180 days, by 90 days as prayed for, from the date of completion of 180 days of CIRP period (31st March 2020). It is made clear that the period of lockdown due to COVID-19 pandemic is permitted to exclude from the extended duration as per Regulation 40-C of CIRP Regulations.

5.

In view of the matter, we are allowing the application by extending the duration of CIRP by 90 days from 31.03.2020.

I.A. (IB) No. ..of 2020 IN C.P.(IB) No. 1694/KB/2018 is disposed of accordingly.

Registry is directed to serve copies of the order forthwith to all the parties by way of email.