National Company Law Tribunal, Mumbai: In an application filed by the Resolution Professional (‘the RP’) for Vijay Suraksha Realty LLP (‘the Company’) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (‘IBC’) seeking exclusion of 854 days and an extension of 60 days, the Two-Member Bench of Lakshmi Gurung ,Judicial Member and Hariharan Neelakanta Iyer, Technical Member, allowed the application, considering that the resolution plans were under active consideration and grant of the extension would result in the RP filing the plan approval application.
Background
It was contended that the RP, had filed two interlocutory applications (‘IAs’) under Section 19 of the IBC before the NCLT since the suspended director and the Company were not cooperating to provide the required information for the purpose of Corporate Insolvency Resolution Process (‘CIRP’) activities. The NCLT disposed of these applications vide order dated 31-01-2025, and thereafter, the RP obtained the requisite information for the CIRP.
Thus, the RP filed the present application seeking exclusion of the time it took for the adjudication of the two IAs, i.e., from 01-10-2022 to 26-02-2025 as well as an extension of 60 days from 27-02-2025 to 28-04-2025.
Analysis and Decision
Considering the material placed on record and the order dated 31-01-2025, the Tribunal granted exclusion of around 854 days till 31-01-2025, i.e., the time it took for the ultimate disposal of the IAs.
Regarding the condonation of delay for 60 days, the Tribunal stated that the extension was sought under the assumption that the exclusion would be granted till 26-02-2025, but it was granted till 31-01-2025.
However, considering that the CoC was on the verge of concluding the voting of the three resolution plans and the RP would be filing the plan approval application if the extension was granted, the Tribunal granted an extension till 06-06-2025 while directing the RP to complete the CIRP within the stipulated time and file the requisite application.
Accordingly, the application was allowed.
[Bhanu Navin Nisar v. Vijaygroup Realty LLP, I.A. No. 1953 of 2025, decided on 07-05-2025]
Advocates who appeared in this case :
For the applicant: Ajinkya Kurdukar
