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Judgment
ORDER
IA 2570/2021:- Senior Counsel, Mr. Vinod Bhadang appeared for the applicant. The present application filed by the Resolution Professional seeking extension of 90 days to complete the Corporate Insolvency Resolution Process.
Having considered the submissions of Counsel appearing for the applicant, this Bench deems it fit and proper to extend the time commencing from today’s i.e. 02.11.2021 onward till 90 days i.e. 31.01.2022 to complete the Corporate Insolvency Resolution Process. With the above observations, the IA bearing no. 2570/2021 is allowed and disposed of.
IA 2569/2021:- Counsel, Mr. Aniruth Purusothaman appeared for the Applicant/Resolution Professional. The present application filed by the Resolution Professional under Regulation 40C of the IBBI (Insolvency Resolution Process for Corporate Person) Regulations 2016 read with section 60 (5) of the Insolvency and Bankruptcy Code, 2016 and Rule 11 of the National Company Law Tribunal Rules, 2016 seeking exclusion of time with effect from 25.03.2020 till 02.10.2021 for completion of Corporate Insolvency Resolution Process impacted due to Covid-19 Pandemic outbreak.
Having considered the submission of the counsel appearing for the Resolution Professional, and on perusal of the records and reasons specified in the present application. --2—
This Bench is of the considered view that the exclusion of time as sought by the Resolution Professional in this application deserves to be allowed. Accordingly, the exclusion of time as prayed in the application is granted. With the above observations, the IA bearing no. 2569/2021 is allowed and disposed of.