M/S. Shilpi Cable Technologies Ltd vs Macquarie Bank Ltd

M/s. Shilpi Cable Technologies Ltd. ...Appellant

Vs.

Macquarie Bank Ltd. ...Respondent

Present: For Appellant:- Mr. Abhinav Vashisht, Senior Advocate with Mr. Sumit K. Batra, Mr. Apoorv Saxena, Mr. Mukul Gupta, Ms. Priya Singh and Ms. Bandana Kaur Grover, Advocates.

For Respondent:- Mr. Vivek Sibal, Ms. Pooja M. Saigal and Jasmine Kottai, Advocates.

ORDER

22.01.2018- The Respondent- Macquarie Bank Limited preferred

application under Section 9 of the Insolvency and Bankruptcy Code,

2016 (hereinafter referred to as "I&B Code") which was admitted by the

Adjudicating Authority (National Company Law Tribunal), Principal

Bench, New Delhi, by orders both dated 24th May, 2017 passed in

C.P.No. (IB)-64(PB)/2017 and in C.P. No. (IB)-65(PB)/2017. Both the

aforesaid orders were challenged before this Appellate Tribunal in

Company Appeals (AT) (Insolvency) Nos. 101 & 102 of 2017. By common

order dated 1st August, 2017, both the orders dated 24th May 2017, were

set aside by this Appellate Tribunal for the grounds mentioned therein.

2. The Respondent- Macquarie Bank Limited ('Operational Creditor')

Contd/-..............

-2- thereafter moved before the Hon'ble Supreme Court in "Macquarie

Bank Limited Vs. Shilpi Cable Technologies Ltd." ─Civil Appeal No.

15135 of 2017, wherein the Hon'ble Supreme Court set aside the order

passed by this Appellate Tribunal and restored the order passed by the

Adjudicating Authority. In view of the restoration of the original order,

the Resolution Professional filed the present petition for clarification as

to how the period of 180 days to be computed for completing the

'Resolution Process'.

3. On 15th January, 2018, this Appellate Tribunal passed following

order:

"Let notice be issued on Respondent. Mr. Vivek Sibal, Advocate accepts notice on behalf of Respondent-'Operational Creditor'. No further notice need be issued to him.

Post the matter on 22nd January, 2018.

In the meantime, 'Interim Resolution Professional' will file an additional affidavit enclosing the copies of the orders passed by the Adjudicating Authority (National Company Law Tribunal) including the order dated 19th December, 2017. The 'Interim Resolution Professional'/Resolution Professional will continue and complete the process from the stage when 'Interim Resolution Professional' left the process in view of the order passed by this Appellate Tribunal."

I.A. No. 30 of 2018 In Company Appeal (AT) (Insolvency) No. 101 of 2017 -3-

4. We have heard learned counsel appearing on behalf of the

'Insolvency Resolution Professional' and learned counsel appearing on

behalf of the Respondent- Macquarie Bank Limited ('Operational

Creditor') and perused the decision of the Hon'ble Supreme Court in

"Macquarie Bank Limited Vs. Shilpi Cable Technologies Ltd."

Taking into consideration the fact that because of the order passed by

this Appellate Tribunal on 1st August, 2017, the 'Resolution

Professional' could not function. Now, pursuant to the Hon'ble Supreme

Court order as the 'Resolution Professional' has resumed the office on

3rd January, 2018 and allowed to function pursuant to this Appellate

Tribunal's interim order dated 15th January, 2018, we hold that the

period from 1st August, 2017 to 14th January, 2018 will not be counted

for the purpose of counting total period of 180 days for completing the

'Resolution Process'. In case the 'Resolution Process' is not completed

within 180 days, even after excluding the period aforesaid, it will be open

to the 'Committee of Creditors'/ 'Resolution Professional' to request the

Adjudicating Authority for more time.

I.A. No. 30 of 2018 stands disposed of.

(Justice S.J. Mukhopadhaya) Chairperson

(Justice Bansi Lal Bhat) Member(Judicial) Ar/uk

I.A. No. 30 of 2018 In Company Appeal (AT) (Insolvency) No. 101 of 2017