Case Law Details
Anil Tayal, Resolution Professional for M/s. Horizon Buildcon Pvt. Ltd. Vs Committee of Creditors of M/S. Horizon Buildcon Pvt. Ltd. (NCLAT)
We are of the considered opinion that the period of judicial intervention w.e.f 21st October, 2020 till 9th November, 2020 (the period covering the time spent in pursuing the extension application in the first instance) and 12th January, 2021 to 3rd February, 2021 (i.e. the period for which the orders were reserved by the Adjudicating Authority on the application) is justifiably required to be excluded while counting and computing the period of CIRP. We accordingly allow this appeal and direct exclusion of period from 21st October, 2020 till 9th November, 2020 and 12th January, 2021 to 3rd February, 2021 for the purposes of calculation of CIRP period. The appeal is accordingly disposed off.
FULL TEXT OF THE NCLAT JUDGMENT/ORDER
Resolution Professional of ‘M/s. Horizon Buildcon Pvt. Ltd.’ (Corporate Debtor undergoing Corporate Insolvency Resolution Process (CIRP)) is aggrieved of declining of his prayer in terms of the impugned order dated 3rd February, 2021 for exclusion of period consumed in legal proceedings before the Adjudicating Authority (National Company Law Tribunal) w.e.f 21st October, 2020 till 9th November, 2020 and 12th January, 2021 to 3rd February, 2021 for purposes of calculation of CIRP period.
2. After hearing Mr. Abhishek Anand, learned counsel for the Appellant, we are of the view that the appeal can be disposed off without issuing notice to the Respondent- Committee of Creditors (COC) which itself had directed the Resolution Professional to seek extension of 60 days beyond the period of 270 days in the CIRP of the Corporate Debtor as reflected in para 2 (xix) of the impugned order.
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