J. P. Engineers Private Limited vs Union Bank Of India
- CitationCompany Appeal (AT) (Insolvency) No. 567 of 2022
Ratio decidendi
The rule this decision rests on
Where an application for exclusion of time under the Insolvency and Bankruptcy Code is filed before the Adjudicating Authority on a particular date, the period of exclusion sought from the CIRP timeline runs from the date of that earlier application, and not from a later date on which the Adjudicating Authority chose to begin the exclusion.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Vivek Raheja Resolution Professional ...Appellant
Versus
Union Bank of India ...Respondent
Present: For Appellant: Mr. K. D. Sharma, Advocate.
For Respondent:
ORDER
(Virtual Mode)
25.05.2022: Heard Counsel for the Appellant. This Appeal has been
filed against the order dated 18.04.2022 by which the application filed by the
Appellant for extension of period of CIRP has been partly allowed. The
Appellant is aggrieved with the only part by which exclusion was allowed
from 07.01.2022 to 18.04.2022 whereas according to the learned counsel for
the Appellant the exclusion ought to have been allowed from 07.12.2021 to
18.04.2022 because earlier the application for exclusion was filed by the
Appellant on 07.12.2021.
2. We have heard learned counsel for the Appellant and perused the
record.
3. We have by our earlier order dated 20.05.2022, directed the Appellant
to inform the Financial Creditor of the date fixed in the Appeal. Learned
Cont'd.../ 2
counsel for the Appellant submits that he has informed the Financial
Creditor. He further submits the CoC itself has taken decision to obtain
exclusion of time.
4. After having heard learned counsel for the Appellant, we are of the
view that when the earlier application was filed on 07.12.2021 the exclusion
ought to be from 07.12.2021 to 18.04.2022 instead of from 07.01.2022 to
18.04.2022 granted by the Adjudicating Authority. We, thus, direct that the
Appellant shall be entitled for exclusion of time from 07.12.2021 to
18.04.2022. Consequently, the CIRP period instead of ending on 18.05.2022
shall end on 18.06.2022. With these observations, the Appeal is disposed of.
[Justice Ashok Bhushan] Chairperson
[Shreesha Merla] Member (Technical)
[Naresh Salecha] Member (Technical) Archana/nn
Company Appeal (AT) (Insolvency) No. 567 of 2022
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