Anil Tayal Resolution Professional For ... vs Committee Of Creditors For Nice Project ...
- CitationCompany Appeal (AT) (Ins.) No. 576 of 2022
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority erred in refusing an extension of the CIRP period where the delay arose from the revision of the resolution plan on the instructions of the Committee of Creditors and the short extension was needed to complete the voting on the revised plan; in such circumstances an extension beyond the 330-day period may be granted to permit the voting and completion of the process.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
In the matter of: Anil Tayal Resolution Professional for Nice Projects Ltd ....Appellant Vs. Committee of Creditors of Nice Projects Ltd ....Respondent Present For Appellant: Mr. Abhishek Anand, Mr. Karan Kohli, Advocates. For Respondent: Mr. Kunal Tandon, Ms. Richa Sandilya & Ms. Hita Sharma, Advocates.
ORDER
(Virtual Mode)
31.05.2022: Heard Learned Counsel for the Appellant as well as Learned
Counsel appearing for the Respondent.
This appeal has been filed against the Order dated 04.04.2022 passed by
the Adjudicating Authority (the National Company Law Tribunal, New Delhi,
Bench-II) in I.A. No. 1214 of 2022 in CP (IB) No. 3042 (ND) 2019, whereby, the
Adjudicating Authority dismissed the application preferred by the Appellant
seeking extension of CIRP period of Corporate Debtor for a short period of 18
days beyond 330 days to enable to vote upon the sole revised resolution plan
till 13.03.2022. Hence, the process ought to have been completed prior to it.
The application came to be filed only because the voting was left out.
We are satisfied that the Adjudicating Authority committed error in
rejecting the grant of extension of 18 days which was prayed by the applicant.
It has come to the notice that the Resolution Plan was revised time to time as
per instructions of the CoC and ultimately the revised Resolution Plan was 2
submitted on 23.02.2022 and second addendums to the Resolution Plan was
received on 03.03.2022.
We are of the view that the impugned order cannot be sustained. The
Impugned Order is hereby set aside.
I.A. No. 1214 of 2022 is allowed, accordingly, 18 days of extension of
CIRP is granted from today. Let voting be completed during this period of 18
days. In the meanwhile, entire process be completed.
Hence, with above observations the Appeal is hereby disposed of.
[Justice Ashok Bhushan] Chairperson
[Mr. Naresh Salecha] Member (Technical) Simran/nn
Comp. App. (AT) (Ins.) No. 576 of 2022
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