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Anju Agarwal Interim Resolution ... vs Committee Of Creditors Of Alpine ...

National Company Law Appellate Tribunal26 April 2022

Interim / procedural order — not a final adjudication. Do not cite as a holding.

Ratio decidendi

The rule this decision rests on

The Tribunal, on appeal, set aside the Adjudicating Authority's rejection of an application for extension of the CIRP period and extended the CIRP period by 90 days from the date of the order, holding that the Resolution Professional's application for extension, though filed after the CIRP period had expired, could not be rejected where the Committee of Creditors had instructed its filing and five prospective resolution applicants had already submitted Expressions of Interest, and where the delay in deciding the application was itself the reason no further steps could be taken; in these circumstances one further opportunity was given for completion of the insolvency resolution process.

Written by Miss Lucy from the judgment below, not taken from a headnote.

Judgment

As delivered

NATIONAL COMPANY LAW APPELLATE TRIBUNALPRINCIPAL BENCH, NEW DELHICompany Appeal (AT) (Insolvency) No. 63 of 2022IN THE MATTER OF:

Anju Agarwal Interim Resolution Professional for Alpine Realtech Pvt. Ltd. ...Appellant

Versus

Committee of Creditors of Alpine Realtech Pvt. Ltd. ...Respondent

Present: For Appellant: Mr. Abhishek Anand and Mr. Karan Kohli, Advocates. For Respondent: Ms. Chetna Bisht, Advocate.

ORDER

(Virtual Mode)

26.04.2022: Heard learned counsel for the Appellant as well as learned

counsel appearing for the Home buyers. This Appeal has been filed against

the order dated 01.12.2021 by which order the Adjudicating Authority has

rejected the application filed by the Resolution Professional for extension of

CIRP period.

2. Shri Abhishek Anand, learned counsel for the Appellant submits that

the CIRP came to an end on 18.11.2020. He submits that in pursuance to

invitation for Expression of Interest on 23.09.2020, five prospective resolution

applicants had filed Expression of Interest and the Committee of Creditors

instructed the Resolution Professional to file application for extension of

period. I.A. No. 5019/2020 was filed by the Resolution Professional on

11.11.2020, which came to be rejected by the Adjudicating Authority by the

impugned order dated 01.12.2021 i.e. more than one year thereafter.

Cont'd.../ -2-

3. Learned counsel appearing for the Home buyers also submits that

period of CIRP be extended since it is a real estate project and Home buyers

are also interested in resolution.

4. We have considered submissions of learned counsel for the parties and

perused the record.

5. It is on the record that in pursuance of invitation for Expression of

Interest, five prospective resolution applicants had submitted Expression of

Interest but in view of the fact that period of CIRP came to an end and no

extension was allowed, no further steps could be taken. Application can

receive rejection only after one year i.e. on 01.12.2021.

6. In facts of the case, we are of the view that one more opportunity to be

given for resolution of insolvency. We extend the period of CIRP for a period

of 90 days from today, during which period entire process be completed. The

Appellant may convene meeting of the CoC within a week from today and take

further steps as per the instructions issued by the CoC in this regard. In view

of the foregoing discussion, order dated 01.12.2021 rejecting the application

is set aside and I.A. No. 5019 of 2020 is allowed extending the period of CIRP

for 90 days from today. Appeal is disposed of accordingly.

[Justice Ashok Bhushan] Chairperson

[Shreesha Merla] Member (Technical) Archana/nn Company Appeal (AT) (Insolvency) No. 63 of 2022

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