Alchemist Asset Reconstruction ... vs Chandra Prakash And Ors

Alchemist Asset Reconstruction Company Ltd. ...Appellant

Versus

Chandra Prakash & Ors. ...Respondents

Present: For Appellant: Mr. Milan Singh Negi, Advocate. For Respondents: Mr. Krishnendu Datta, Sr. Advocate with Mr. Ravi Bhasin, Mr. Parag Maini, Mr. Raghav Chadha, Ms. Swati Sharma and Mr. Mukund Rawat, Advocates for R-2. Mr. Puneet Singh Bindra and Ms. Simran Jeet, Advocates for R-3.

ORDER

17.02.2023: I.A. No. 617 of 2023: Heard learned counsel for the

applicant as well as learned counsel for the Respondent. This Tribunal by its

judgment and order dated 21.12.2021 has decided the Appeals and issued

following directions:

"20. In view of the above discussions, we dispose off these two Appeals with following directions:-

(i) All four Resolution Applicants may submit their revised plan within 15 days from date of this order.

(ii) The Resolution Applicants ie. 'Sattva' and 'M3M' and any other who have withdrawn their BBG may

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submit their BBG along with revised plan, if they so intend, within a period of 15 days as indicated above.

(iii) Coc may deliberate all the plans so received and plans be put to vote in accordance with law. We request the CoC to complete the process consideration and voting within a period of 30 days after all the four plans is received.

(iv) We have no doubt, the CoC will deliberate and consider all the plans and make serious efforts to save the Corporate Debtor from going into liquidation.

(v) Orders of the Adjudicating Authority dated 25.11.2021 and 01.10.2021 are modified accordingly."

2. Subsequent to the order of this Tribunal, the matter was taken before

the Apex Court, which appeal was dismissed on 07.01.2022. There has been

another proceeding before the Delhi High Court where an interim order was

passed on 18.01.2022 consequent to which orders passed by this Tribunal

could not be proceeded any further. Now, it has been submitted that the Delhi

High Court has dismissed the Writ Petition as withdrawn on 09.01.2023. In

view of the aforesaid circumstances, the application has been filed praying for

following reliefs:

"a. allow the present Application:

b. grant exclusion of the litigation period of 367 days (i.e., from 7 January 2022 till 9 January 2023) from the calculation of time period granted by the order

I.A. No. 617 of 2023 Company Appeal (AT) (Insolvency) No.1026 of 2021 -3-

dated 21 December 2021 passed by this Hon'ble Appellate Tribunal in the Appeal, for submission and consideration of the resolution plans for the Corporate Debtor:

c. grant extension of a further period of 30 days for the CoC to consider and vote on the resolution plans for the Corporate Debtor;

d. pass any other such order (s) which this Hon'ble Appellate Tribunal may deem fit and proper."

3. Learned counsel for both the parties agree that exclusion of the time be

allowed which was spent during the litigation from 07.01.2022 to 09.01.2023.

4. We, thus, are of the view that prayers (b) and (c) deserve to be allowed.

To implement the order passed by this Tribunal, we grant further 30 days'

time days from today to take further steps. With these directions, prayers (b)

and (c) in the application are allowed.

[Justice Ashok Bhushan] Chairperson

[Dr. Alok Srivastava] Member (Technical) Archana/nn

I.A. No. 617 of 2023 Company Appeal (AT) (Insolvency) No.1026 of 2021