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Judgment
19.02.2025 : Heard Counsel for the Appellant and Counsel appearing on behalf of the CoC.
This Appeal has been filed against an Order dated 02.11.2021 by which Adjudicating Authority has rejected the Application filed by the Resolution Professional (RP) for extension of 90 days. Appellant, the RP aggrieved by the Order has come up in this Appeal.
When the Appeal was heard, following Order was passed on 20.12.2021:
“Learned Counsel for the Appellant submits that due to ongoing litigation, no ‘Resolution Plan’ could come in the CIRP but now litigation has been over and further application of extension of time for 90 days have been rejected by the impugned order. He submits that atleast 60 days’ time be allowed to explore the possibility of resolution of ‘Corporate Debtor’. Issue notice to the Respondent through Speed Post as well as e.mail (both mode). Requisites along with process fee be filed within three days. If the Appellant provides the e-mail Address of the Respondents, let notice be also issued through e-mail. Reply be filed within four weeks. Rejoinder, if any, may be filed within two weeks thereafter. List this matter on 07.01.2022. It is made clear that the appeal may be disposed of on the next date.”
Subsequently, it was brought to the notice of this Court that one of the Resolution Applicants has filed an Appeal in the Hon’ble Supreme Court and an Order of Status Quo was passed on 06.01.2022, hence this Appeal was adjourned from time to time. On 17.10.2024, the Appeal filed by the Resolution Applicant being Civil Appeal No. 7556/2021 in ‘Arun Anand’ Vs. ‘Jalesh Kumar Grover’ has been dismissed.
Learned Counsel for the Appellant submits that there have been further subsequent events including the Order dated 26.09.2023 passed in C.P. (IB) No. 995/PB/2020 where Grandstar Reality Pvt. Ltd. who was purchaser of the Project of AKME RAGA in the CIRP has already gone in insolvency. It is submitted that the CoC need to be reconstituted.
Learned Counsel for the CoC also submits that CoC needs to be reconstituted and hence the extension of time is necessary for completing the process. It is submitted that the Appeal could not be decided in view of the Order of Status Quo passed by the Hon’ble Supreme Court and Learned Counsel for both the Parties now are ad-idem that 90 days time be allowed to complete the process.
Taking into consideration the subsequent events which have been brought on record by means of Additional Affidavit filed by the Appellant dated 18.01.2025, we are of the view that Appeal deserves to be allowed. The Impugned Order passed by the Adjudicating Authority is set aside and the I.A. filed by the Appellant being I.A. No. 3675/2021 is allowed granting 90 days extension with effect from today. Appeal disposed of.