{"id":262199,"date":"2022-02-22T14:00:35","date_gmt":"2022-02-22T08:30:35","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=262199"},"modified":"2022-03-11T10:15:56","modified_gmt":"2022-03-11T04:45:56","slug":"if-granting-exclusion-of-time-would-help-corporate-debtor-from-liquidation-should-nlcat-allow-such-exclusion","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/22\/if-granting-exclusion-of-time-would-help-corporate-debtor-from-liquidation-should-nlcat-allow-such-exclusion\/","title":{"rendered":"If granting exclusion of time would help Corporate Debtor from liquidation, should NCLAT allow such exclusion? Here\u2019s what NCLAT says"},"content":{"rendered":"

National Company Law Appellate Tribunal, New Delhi (NCLAT): T<\/strong>he Coram of Justice M. Venugopal (Judicial Member) and Dr Ashok Kumar Mishra (Technical Member) held that if granting exclusion of time helps the Corporate Debtor to revive, the basic objective of Insolvency and Bankruptcy Code will eb achieved.<\/p>\n

An appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 against the impugned order passed by the Adjudicating Authority.<\/p>\n

Adjudicating Authority had not granted exclusion of certain period of \u2018Corporate Insolvency Resolution Process\u2019 inspite of the Resolution passed by the 100% voting share of the Committee of Creditors of the Corporate Debtor.<\/p>\n

Counsel for the appellant submitted that the exclusion of 90 days from the CIRP of the CD would save the company from \u2018Liquidation\u2019. It was also pointed that there was a \u2018Prospective Resolution Applicant\u2019 who has submitted his \u2018Resolution Plan\u2019 & there was a likelihood for the revival of the CD.<\/p>\n

Due to the prevalent pandemic, there was not much progress in de-attachment of property from ED at Tribunals\/Courts. The CoC had also considered reissue of \u2018Expression of Interest\u2019 (EOI) and hence there was a need for exclusion of such period.<\/p>\n

Appellant was perusing legal proceedings to get attachment of sole property of the CD lifted before various judicial forum to get the property released as early as possible and also cited the decision of Supreme Court in the case of Committee of Creditors of Essar Steel India Limited v. Satish Kumar Gupta, \u00a0(2020) 8 SCC 531<\/a><\/em>, wherein it has held that the \u2018Adjudicating Authority or the Appellate Authority has discretion to extend the time of CIRP period even beyond 330 days in certain exceptional cases\u2019<\/em>.<\/p>\n

Analysis and Decision<\/span><\/h4>\n

Tribunal observed that the pandemic had no doubt updated the normalcy in various activities of \u2018Corporate Insolvency Resolution Process\u2019.<\/p>\n

The Resolution Professional received a Resolution Plan for Prospective Resolution Applicant which was under the scrutiny of Resolution Professional\/Committee of Creditors.<\/p>\n

Further, Coram expressed that,<\/p>\n

\n

\u201cIf granting of 90 days helps the Corporate Debtor to revive, then the basic objective of the I&B Code, 2016 will be met. Liquidation is the last resort.\u201d<\/span><\/p>\n<\/blockquote>\n

Therefore, Tribunal opined that no prejudice will be caused in allowing the instant appeal to prevent an aberration of justice and to promote the substantial cause of justice.<\/p>\n

Hence, the appeal was allowed. [Vinod Tarachand Agrawal, In Re., 2022 SCC OnLine NCLAT 82<\/b><\/a>, decided on 16-2-2022]<\/p>\n

\n

Advocates before the Tribunal:<\/strong>
\nFor Appellant: Mr. Monaal Davawala, Advocate.<\/p>\n","protected":false},"excerpt":{"rendered":"

National Company Law Appellate Tribunal, New Delhi (NCLAT): The Coram of Justice M. Venugopal (Judicial Member) and Dr Ashok Kumar Mishra (Technical <\/p>\n","protected":false},"author":8808,"featured_media":153604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[43781,30596,29785,42834,29690,22014],"class_list":["post-262199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-cirp","tag-corporate-debtor","tag-law","tag-legal-news","tag-liquidation","tag-nclat"],"yoast_head":"\nIf granting exclusion of time would help Corporate Debtor from liquidation, should NCLAT allow such exclusion? 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NCLAT addresses","author":"Bhumika Indulia","date":"February 22, 2022","format":false,"excerpt":"\u00a0If CIRP or Liquidation Proceeding of a Corporate Debtor is pending before a NCLT, application relating to Insolvency Process of Corporate or Personal Guarantor should be filed before same NCLT. National Company Law Appellate Tribunal, New Delhi (NCLAT): The Coram of Justice Ashok Bhushan (Chairperson) and Dr Alok Srivastava (Technical\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":281427,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/11\/corporate-debtor-default-corporate-insolvency-resolution-process-cirp-coc-liquidation-nclt-reconsider-liquidation-appeal-nclat-upheld\/","url_meta":{"origin":262199,"position":1},"title":"Adjudicating Authority is obligated to give direction for liquidation only when CoC’s decision is in accordance with IBC: NCLAT","author":"Editor","date":"January 11, 2023","format":false,"excerpt":"In the instant matter, an appeal was filed challenging NCLT's order directing the CoC to reconsider its decision. Upholding the NCLT's order, the Tribunal held that when the CoC's decision for liquidation is in accordance with IBC, then only NCLT's obligation to direct liquidation will arise.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":245734,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/03\/18\/nclat-3\/","url_meta":{"origin":262199,"position":2},"title":"NCLAT| 31 hearings, no regards to time, addendums, midway interruptions and yet no heed to initiation to liquidation; Adjudicating authority advised to be mindful","author":"Editor","date":"March 18, 2021","format":false,"excerpt":"National Company Law Appellate Tribunal- A Coram of Bansi Lal Bhatt, J. (Acting Chairperson) and Dr Ashok Kumar Mishra (Technical Member) ordered for initiation for liquidation of the Corporate Debtor, while setting aside the impugned order passed by the Adjudicating Authority. Further held, \u201c\u2026that neither the Adjudicating Authority nor the\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":252592,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/12\/supreme-court-on-jurisdiction-of-nclat-nclt\/","url_meta":{"origin":262199,"position":3},"title":"Supreme Court on Jurisdiction of NCLAT & NCLT || \u00a0Does jurisdiction of NCLAT\/NCLT extend into entering upon merits of a business decision made by a requisite majority of CoC?","author":"Bhumika Indulia","date":"August 12, 2021","format":false,"excerpt":"Supreme Court: The Division Bench of Dr Dhananjaya Y Chandrachud and M R Shah, JJ., observed that, Jurisdiction of the Adjudicating Authority and the Appellate Authority cannot extend into entering upon merits of a business decision made by a requisite majority of the CoC in its commercial wisdom. Under the\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/MicrosoftTeams-image-13.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/MicrosoftTeams-image-13.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/MicrosoftTeams-image-13.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/MicrosoftTeams-image-13.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/MicrosoftTeams-image-13.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":312265,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/01\/26\/nclat-affirms-committee-of-creditors-authority-to-opt-for-liquidation-under-section-332-of-the-ibc-scc-blog\/","url_meta":{"origin":262199,"position":4},"title":"NCLAT affirms Committee of Creditors\u2019 authority to opt for liquidation under Section 33(2) of the IBC; 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