AI Structured Summary
Not yet generated for this judgment
Judgment
ORDER
29.01.2024: Heard Shri Abhishek Anand, Learned Counsel for the Appellant.
This Appeal has been filed against the order dated 12.10.2023 by which order the Adjudicating Authority (National Company Law Tribunal), Jaipur Bench has rejected the IA No.249/JPR/2023 by which the Applicant has sought exclusion of 1149 days from the CIRP period.
Learned Counsel for the Appellant submitted that the Form-G was once issued in 2019 thereafter no further steps could be taken and the IRP was ultimately replaced on 21.03.2023 and thereafter CoC passed a resolution on 23.03.2023 asking for exclusion of time to enable issuance of fresh Form-G. It is submitted that in the meantime, valuation has also been completed.
After having heard the Counsel for the Appellant, we are of the view that insofar as prayer for exclusion of 1149 days, it has rightly been rejected by the Adjudicating Authority. There has to be some limit for claiming exclusion. Thus, we are of the view that insofar as the order of the Adjudicating Authority rejecting the prayer of exclusion 1149 days does not require any interference.
Learned Counsel for the Appellant lastly submitted that as a last resource 60 days’ time be allowed to enable the issuance of fresh Form-G and in event any EoI is received, the process will be completed, failing which appropriate steps will be taken by the RP himself for liquidation of the Corporate Debtor.
Considering the aforesaid, we accept the prayer of the Appellant and grant 60 days’ time for issuance of Form-G and taking steps to complete the process, if any, within 60 days from today, failing which RP shall file an appropriate application for liquidation of the Corporate Debtor.
The Appeal is disposed of.