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Tribunals and CommissionsDivision Bench(2022) 04 NCLAT CK 0060

Anju Agarwal Interim Resolution Professional For Alpine Realtech Pvt Ltd vs Committee Of Creditors Of Alpine Realtech Pvt Limited

National Company Law Appellate Tribunal · Decided on 26 April 2022

HON’BLE JUDGES
Ashok Bhushan, Chairperson · Shreesha Merla, Member (T)
RESULT
Disposed Of
CASE NUMBER
Company Appeal (AT) (Insolvency) No. 63 Of 2022

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Judgment

6 paragraphs · 351 words
1.

Heard learned counsel for the Appellant as well as learned counsel appearing for the Home buyers. This Appeal has been filed against the order dated 01.12.2021 by which order the Adjudicating Authority has rejected the application filed by the Resolution Professional for extension of CIRP period.

2.

Shri Abhishek Anand, learned counsel for the Appellant submits that the CIRP came to an end on 18.11.2020. He submits that in pursuance to invitation for Expression of Interest on 23.09.2020, five prospective resolution applicants had filed Expression of Interest and the Committee of Creditors instructed the Resolution Professional to file application for extension of period. I.A. No. 5019/2020 was filed by the Resolution Professional on 11.11.2020, which came to be rejected by the Adjudicating Authority by the impugned order dated 01.12.2021 i.e. more than one year thereafter.

3.

Learned counsel appearing for the Home buyers also submits that period of CIRP be extended since it is a real estate project and Home buyers are also interested in resolution.

4.

We have considered submissions of learned counsel for the parties and perused the record.

5.

It is on the record that in pursuance of invitation for Expression of Interest, five prospective resolution applicants had submitted Expression of Interest but in view of the fact that period of CIRP came to an end and no extension was allowed, no further steps could be taken. Application can receive rejection only after one year i.e. on 01.12.2021.

6.

In facts of the case, we are of the view that one more opportunity to be given for resolution of insolvency. We extend the period of CIRP for a period of 90 days from today, during which period entire process be completed. The Appellant may convene meeting of the CoC within a week from today and take further steps as per the instructions issued by the CoC in this regard. In view of the foregoing discussion, order dated 01.12.2021 rejecting the application is set aside and I.A. No. 5019 of 2020 is allowed extending the period of CIRP for 90 days from today. Appeal is disposed of accordingly.