Gaurav Ashok Adukia Resolution ... vs Yes Bank Limited

IN THE MATTER OF: Gaurav Ashok Adukia, ...Appellant Resolution Professional of Ezeego One Travel & Tours Ltd.

Versus Yes Bank Ltd. ...Respondent

Present: For Appellant: Mr. Bhargav Kosuru and Prapti Kedia, Advocates For Respondent:

ORDER

(Virtual Mode) 12.04.2022: Heard Learned Counsel for the Appellant. This Appeal has

been filed against the Order dated 05th October, 2021 passed by the Adjudicating

Authority partly allowing the I.A. No. 2233 of 2021. I.A. No. 2233 of 2021 was

filed by the Resolution Professional making following prayers:

"In the circumstances aforesaid, the Applicant humbly prays that this Hon'ble Tribunal be pleased to grant the following reliefs:

a. Pass appropriate orders/directions to exclude the time period from 19th March, 2021 to till the date of filing of this Application or such other time period as determined by the Hon'ble Tribunal, having regard to the facts and 2

circumstances, being the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak, from the total period of 180 days for completion of CIRP; and/or b. Pass appropriate orders/directions to extend the time period of completion of CIRP by a period of 90 days with effect from 15 September 2021 or such other date as may be determined by this Hon'ble Tribunal after excluding the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak, from the total period of 180 days for completion of CIRP;"

2. The Adjudicating Authority by Impugned Order has rejected Prayer 'a' and

allowed prayer 'b'. This Appeal confined only Prayer 'a'. Learned Counsel for the

Appellant submits that Adjudicating Authority committed error in observing that

there was no lockdown in the State of Maharashtra during the relevant period.

Learned Counsel submits that along with the Appeal relevant Orders issued by

the State of Maharashtra imposing Lockdown has been filed. Learned Counsel

for the Appellant refers to Order issued by the State of Maharashtra dated 30th

May, 2021 and orders issued thereafter which have been filed as Annexure G-S

of the Appeal Paper Book.

3. We have heard Learned Counsel for the Appellant and perused the record.

The Appellant has brought on record relevant orders issued by the Government

of Maharashtra whereas several restrictions during the relevant period for

containment of Covid-19 was issued. We have perused the Order which has been

Company Appeal (AT) Ins. No. 233 of 2022 3

filed as Annexure G to S. Learned Counsel for the Appellant has referred to

Annexure G date 27th March, 2021 following has been directed by the State

Government of Maharashtra:

"Whereas the State Government is satisfied that the State of Maharashtra is threatened with the spread of Covid-19 virus, and therefore to take certain emergency measures to prevent and contain the spread of virus, the Government in exercise of the powers conferred under Section 2 of the Epidemic Diseases Act, 1897, read with all other enabling provisions of The Disaster Management Act, 2005, it is expedient to extend the lockdown in the entire State of Maharashtra further till 15th April, 2021."

4. It is clear that Lockdown was imposed during the relevant period and for

certain period several restrictions were imposed by the State Government of

Maharashtra. We thus are of the view that Appellant had made out a case for

granting exclusion for the period 19th March, 2021 till 15th September, 2021.

We thus are satisfied that the Application 2233 of 2021 also deserved to be

allowed in so far as the prayer 'a' was concerned for excluding period from 19th

March, 2021 to 15th September, 2021. The Order dated 05th October, 2021 in so

far as refusing prayer 'a' of the I.A. No. 2233 of 2021 is set aside. Prayer 'a' of the

Application 2233 of 2021 is allowed and exclusion is granted from 19th March,

2021 to 15th September, 2021.

Company Appeal (AT) Ins. No. 233 of 2022 4

5. We may also in this context refer to Regulation 40C of the Insolvency and

Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)

Regulations, 2016 where special provision was incorporated for the timeline in

the wake of Covid-19. This Appeal is allowed, accordingly.

[Justice Ashok Bhushan] Chairperson

[Dr. Alok Srivastava] Member (Technical)

[Ms. Shreesha Merla] Member (Technical)

Basant/nn

Company Appeal (AT) Ins. No. 233 of 2022