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Judgment
O R D E R
30.05.2022: Heard Mr. Virendra Ganda, Sr. Advocate for the Applicant, Mr. Abhishek Anand, Advocate for the Resolution Professional and Mr. Dinkar Singh, Advocate for the 'CoC'.
This Application I.A. No. 1674 of 2022 has been filed by the Appellant praying for following reliefs:
"(a)Clarify that the period prescribed under Section 31(4) of the Insolvency and Bankruptcy Code, 2016 is to begin from the date on which the Monitoring Committee complies with directions provided in paragraphs 36(d), 36(e) and 36(f) of the Order dated May 6, 2022 passed by this Appellate Tribunal or such time period as this Hon'ble Appellate Tribunal may deem fit; and
(b)Revise or extend the timeline for implementation period from May 30, 2022 to June 27, 2022 as duly consented by all the stakeholders and recorded in Paragraph 8 of the minutes of meeting held on May 25, 2022.
(c)Pass any other order as this Hon'ble Appellate Tribunal may deem fit."
This Appeal was decided by Judgment dated 06th May, 2022. After the aforesaid Judgement, the mater was taken before the Monitoring Committee and Monitoring Committee's Applicant has brought on record the minutes of the Monitoring Committee dated 12th May, 2022 and 25th May, 2022. The Monitoring Committee has expressed its agreement with the Resolution Applicant to seek further time for depositing of the amount as directed by this Court's Judgement dated 06th May, 2022. With the above request, respective prayer '(b)' has been made seeking extension of time till 27th June, 2022.
Learned Counsel for the Resolution Professional and 'CoC' does not have any objection to the prayers made in the Application I.A. No. 1674 of 2022. We allow prayer '(b)' and extend the time for depositing of the amount till 27th June, 2022 consequently, the other directions issued in the Impugned Judgement for handing over title deeds and possession shall also be accordingly treated to be begun from 27th June, 2022.
It is further submitted that under Section 31(4), the Successful Resolution Applicant is to obtain necessary approval required under any law for the time being in force within a period of one year from the date of approval of the Resolution Plan. It is submitted that in view of the Order passed by this Tribunal, the payment is being made till 27th June, 2021 the period of one year shall be deemed to have begun from 28th June, 2022 and within one year, all requisites may be obtained by the Successful Resolution Applicant. We accept this prayer also
With these observations, this Application I.A. No. 1674 of 2022 is disposed of.