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Judgment
ORDER
The Application I.A No. 350 of 2020 has been filed by the Resolution Professional praying for following prayers:-
“a. To pass an order allowing the present Application;
b. To pass an order granting additional period of 90 days with effect from 18 January 2022 for completion of CIRP of the Consolidated Corporate Debtors; c. Pass such other/ further orders as made be deemed appropriate by this Hon’ble Appellate Authority.’
The Company Appeal (AT) (Ins.) No. 503 of 2021 was decided by judgment of this Tribunal dated 05.02.2022, operating portion of the judgment is in para 50 which is to the following effect:-
“50.In view of the above stated analysis of facts and law, we have come to the conclusion that Section 30(2)(b) of the Code has not been complied with an hence, the approval of the Resolution Plan is not in accordance with Section 31 of the Code. Accordingly, the approval of Resolution Plan by the CoC as well as Adjudicating Authority is set aside and the matter is remitted back to CoC for completion of the process relating to CIRP in accordance with the provisions of the Code. All IAs stands disposed of. Appeal CA(AT) (Ins) No. 650 of 2021 dismissed whereas Appeal CA (AT) (Ins) No. 503, 505, 529 & 545 of 2021 allowed as indicated above. No order as to costs.”
The Resolution Professional submits that although the matter is remitted to the Committee of Creditors for completion of the Corporate Insolvency Resolution Process (CIRP) but since no time has been given there is uncertainty regarding further proceeding. In the Application, it has been prayed that 90 days being granted w.e.f. 18.01.2022 for completion of the CIRP of the consolidated Corporate Debtors.
We find that the prayers made in the Application are to be allowed. The Application I.A 350 of 2022 is allowed in terms of the prayer as made in prayer (b) quoted above. Application is disposed of.