Earth Gracia Buildcon Pvt. Ltd., ... vs Committee Of Creditors Of Earth Gracia ...
- CitationCompany Appeal (AT) (Insolvency)No. 1296 of 2019
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority's extension of the corporate insolvency resolution process by a further period of 90 days under Section 12(2) of the Insolvency and Bankruptcy Code, 2016, is not to be set aside where the Committee of Creditors, in its resolution plan, sought the exclusion of the process period beyond 180 days and did not seek exclusion of any particular period; the appeal against such an order is dismissed on that footing.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Earth Gracia Buildcon Pvt. Ltd. .....Appellant
Vs.
Committee of Creditors of Earth Gracia Buildcon Pvt. Ltd. ......Respondent
Present :
For Appellant: Mr. Sandeep Bisht, Mr. Anuj Tiwari, Advocates
O R D E R
19.11.2019 - This appeal has been preferred by Appellant - 'Resolution
Professional' of 'Earth Gracia Buildcon Pvt. Ltd.' against the order dated 1st
October, 2019 passed by the Adjudicating Authority ('National Company Law
Tribunal') Principal Bench, New Delhi. By the Impugned order, the Adjudicating
Authority while rejecting the prayer for exclusion in view of the decision of
'Committee of Creditors', extended further period of 90 days in terms of Section
12(2) of the 'I&B' Code, 2016.
...contd.
2
The aforesaid order was challenged after delay of 3 days. While we
condone the delay of 3 days, w e are not inclined to interfere with the impugned
order as the 'Committee of Creditors' in its 'Resolution Plan' asked the Appellant
- 'Resolution Professional' to seek exclusion of 'Corporate Insolvency Resolution
Process' period beyond 180 days and not for exclusion of any period. We find no
merit in this appeal, it is accordingly dismissed. No costs.
[Justice S. J. Mukhopadhaya]
Chairperson
[ Justice Bansi Lal Bhat ] Member (Judicial)
[Justice Venugopal M.] Member (Judicial)
ss/sk
Company Appeal (AT) (Insolvency)No. 1296 of 2019
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