Case Law Details
M/s. Alpha Corp Development Pvt. Ltd. Vs M/s. Earth Infrastructure Ltd. (NCALT)
In terms of third proviso of sub-section (3) of Section 12, as we find that the ‘Corporate Insolvency Resolution Process’ of the ‘Corporate Debtor’ is pending and has not been completed within the period referred to in the second proviso, we hold that the ‘Corporate Insolvency Resolution Process’ is to be completed within another period of 90 days from the date of commencement of Insolvency & Bankruptcy Code (Amendment Act, 2019) i.e. w.e.f. 16th August, 2019.
In view of the fact that the period has been extended for another 90 days in the present case in view of third proviso to sub-section (3) of Section 12, we set aside the impugned order and allow the ‘Resolution Applicant to move before the ‘Committee of Creditors’ and ‘Resolution Professional and direct completing of the process within 90 days from the date of commencement of Insolvency & Bankruptcy Code (Amendment Act, 2019) i.e. w.e.f. 16th August, 2019.
A ‘Resolution Plan’ submitted by the ‘Resolution Applicant’ or any other person, the ‘Committee of Creditors’ while considering the same may pass appropriate orders in accordance with law preferably within 30 days and will place the matter before the Adjudicating Authority for appropriate orders u/s 31 of the ‘I&B’ Code.
FULL TEXT OF ORDER OF NATIONAL ANTI-PROFITEERING APPELLATE AUTHORITY
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