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Judgment
ORDER
After ‘Hearing’ the ‘Arguments’ of Learned Senior Counsel Mr. P.H. Arvindh Pandian appearing for the ‘Appellant’/‘Petitioner’ in the instant Company Appeal (AT)(CH)(Ins) No.182 of 2023 this ‘Tribunal’ is of the earnest view that Form-G was issued on 04.05.2023 and on-going through the materials available on record, it is quite evident that the fourth meeting of the ‘Committee of Creditors’ which took place on 14.04.2023 had approved the filing for extension of 90 days and also the exclusion period of 115 days of the ‘CIRP’ before the ‘Adjudicating Authority’ and that apart, the date of filing of IA(IBC)/826(CHE)2023 in IBA/706/2020 before the ‘Adjudicating Authority’ for the extension of 90 days and exclusion period of 21 days of CIRP was on 21.04.2023 and considering the fact that this ‘Tribunal’ is of the candid view that Form ‘G’ which was filed on 04.05.2023 is to be taken into account and the very fact that the ‘Committee of Creditors’ had approved with 99.99% to extend the ‘CIRP’ period of ‘Corporate Creditor’ in its meeting dated 14.04.2023, on this simple ground alone ‘Impugned Order’ passed by the ‘Adjudicating Authority’ dated 05.06.2023 in IA(IBC)/826(CHE)2023 in IBA/706/2020 is set aside in so far as it relates to exclusion of time 107 days period in the ‘CIRP’. The matter is remitted back to the ‘Adjudicating Authority’ who shall pass fresh orders in a just, fair and reasoned manner of course, in accordance with Law, after adverting to the contentions/pleas advanced on behalf of the ‘Petitioner’ in an objective manner and also to assign reasons, while passing a fresh order of course, uninfluenced, with any of the observations made by this ‘Tribunal’ in the instant Appeal.
The said ‘Order’ afresh shall be passed by the ‘Adjudicating Authority’/‘Tribunal’ within two weeks from the date of this ‘Order’.
It is open to the Learned Counsel for the ‘Appellant’/‘Petitioner’ to furnish a copy of this ‘Order’ before the ‘Adjudicating Authority’ who upon receipt of filing of the same before it, shall take note of it, and to pass a reasoned speaking order in a qualitative and quantitative terms.
With these observations the instant Company Appeal (AT)(CH)(Ins) No.182 of 2023 stands disposed of. No costs.
Connected pending IAs are closed.