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Tribunals and CommissionsDivision Bench(2023) 08 NCLT CK 0803

ec88602f835b1192b35242eabc89525e

National Company Law Tribunal · Decided on 9 August 2023

HON’BLE JUDGES
Sanjiv Jain, Member (Judicial) · Sameer Kakar, Member (Technical)
RESULT
Allowed
CASE NUMBER
IA(IBC)/1212(CHE)/2023 in CP(IB)/78/2021

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Judgment

10 paragraphs · 326 words

Per: SANJIV JAIN, MEMBER (JUDICIAL)

This application under Section 12(2) r/w 60(5) of the Insolvency Bankruptcy Code, 2016 has been filed by Mrs.Renuka Devi Rangasamy, Resolution Professional of UCAL Products Private Limited (Corporate Debtor) seeking exclusion of a period from 27.11.2022 to 14.02.2023 (80 days) from the CIRP period and extension of CIRP period from 27.11.2022 to 14.02.2023 as 270th day of CIRP of the Corporate Debtor.

2.

The Corporate Debtor was admitted to CIRP on 10.12.2021. The last date of expiry of CIRP i.e. 180th day was on 08.06.2022.

3.

Vide order dated 05.09.2022 in IA(IBC)/918(CHE)/2022 this Tribunal had excluded the period from 10.12.2021 to 28.02.2022 (80 days) from the CIRP period as COVID-19 period exclusion and set the CIRP expiry date as 28.08.2022.

4.

Further, vide order dated 15.09.2022 in IA(IBC)/980(CHE)/2022, this Tribunal had granted 90 days extension to the CIRP period till 26.11.2022.

5.

Thereafter, on 12.12.2022 the Applicant filed an IA(IBC)/1362(CHE)/2022 for approval of the Resolution Plan. Due to some defects in the application, this Tribunal returned the same with a leave to file a fresh application vide order dated 16.01.2023.

6.

Meanwhile the CIRP period expired on 26.11.2022. It is stated that in the 11th CoC meeting held on 27.01.2023, the CoC resolved to permit the Applicant to file the present application for exclusion of the period from 27.11.2022 to 14.02.2023 on account of judicial intervention.

7.

Having perused the documents on record, it is found that the CIRP period expired during pendency of the application for approval of the Resolution Plan before this Tribunal. A fresh application for the approval of the Resolution Plan was filed before this Tribunal in IA(IBC)/1113(CHE)/2023.

8.

Considering the circumntates, this Tribunal finds that it is just and necessary to exclude the time spent in judicial intervention. We therefore exclude the period from 27.11.2022 to 14.02.2023 from the CIRP period and end the CIRP will fall on 14.02.2023.

9.

Accordingly, this application IA(IBC)/1212(CHE)/2023 stands allowed.