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Judgment
Rajasekhar V.K., Member (Judicial)
IA NO. 325/2021
No one is present on behalf of the parties at time of virtual hearing. In the interest of justice, the matter be posted on 28.03.2022.
IA NO. 326/2021
No one is present on behalf of the parties at time of virtual hearing. In the interest of justice, the matter be posted on 28.03.2022.
IA NO. 34/2022
Through this application extension of 90 days is prayed by the IRP in terms of Resolution passed by the CoC at its 15th meeting. The Corporate Debtor was admitted into CIRP on 12.02.2021. Subsequently, one exclusion for 76 days was granted for the period from 16.04.2021 till 30.06.2021. Thereafter, extension of 90 days was granted. After taking into consideration exclusion as well as such extension, the CIRP period came to an end on 24.01.2022.
The learned counsel appearing on behalf of the Applicant submitted that the RP received three Resolution Plans which were considered by the CoC in its meeting dated 17th January, 2022. Plan of one Resolution Applicant was discussed at length as the issue of applicability of Section 29 A to such Resolution Applicant required detailed examination. In addition to this, there are two more Resolution Plan wherein the eligibility of Resolution Applicant is not at all under challenge. It is claimed that considering these facts and the object of the IBC 2016, a further extension of 90 days from 25.01.2022 to 24.04.2022 would result into Resolution of insolvency of Corporate Debtor, hence, the same may be granted.
Considering the overall circumstances and facts of the case, we are of the view that extension of 90 days as prayed by the Applicant from 25.01.2022 to 24.04.2022 needs to be granted to enable CoC to approve the Resolution Plan and file appropriate application with this IA in a prompt manner without waiting till the last moment as considering exclusion and these all extensions normal timeline has already been exceeded.
Accordingly, this application stands allowed and disposed of in terms indicated above.