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Judgment
This is an application filed under Section 60(5) of the Insolvency & Bankruptcy Code, 2016 with a prayer for exclusion of 102 days from the statutory period of 270 days. Application is supported by the minutes of the CoC dated 17.07.2019 and reference has been made by the CoC to the pending applications namely CA-702(PB)/2019 & CA-929(PB)/2019.
It is appropriate to mention that Corporate Insolvency Resolution Process was initiated in respect of Corporate Debtor on 25.10.2018 and extension by 90 days was granted on the recommendation of the CoC on 22.04.2019. Presently one Resolution Plan has been received which is under consideration and the Corporate Insolvency Resolution Process period of 270 days would also be expiring today i.e. 22.07.2019. It is further appropriate to mention that CA-702(PB)/2019 & CA-929(PB)/2019 were filed which are pending for orders reserved on 04.07.2019. One of the two applications earlier in time was filed on 11.04.2019 which is still pending and a period of 102 days has been consumed in litigation. Accordingly, we are of the considered view that the period consumed in litigation would need to be excluded from 270 days period of Corporate Insolvency Resolution Process. We are further of the view that since the Resolution plan has been received and is under consideration of CoC it would advance the object of the Insolvency & Bankruptcy Code.
As a sequel to the above discussion application is allowed. The period of 102 days is excluded from the period of 270 days.
CA-1351(PB)/2019 stands disposed of.