Mr. Ashutosh Agarwala The Resolution ... vs Respondent
- CitationCompany Appeal (AT) (Insolvency) No. 755 of 2024
Ratio decidendi
The rule this decision rests on
Where an interim stay order of the Appellate Tribunal remained in force for a period, the time for which that stay operated is to be excluded from the computation of the relevant limitation period in insolvency proceedings, so that the Adjudicating Authority's failure to exclude the full stay period is corrected on appeal and the excluded period extends to the date on which the stay was vacated by the dismissal of the appeal.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Ashutosh Agarwala (Resolution Professional of Colour Roof (India) Ltd.) ...Appellant Versus --- ...Respondent
Present: For Appellant : Mr. Pulkitesh Dutt Tiwari and Ms. Shruti Singhi, Advocate. For Respondent :
ORDER
(Hybrid Mode)
07.05.2024 : Heard Counsel for the Appellant.
2. This appeal has been filed against the order dated 28.02.2024,
disposing of I.A. 192/(MB)/2024.
3. Learned Counsel for the Appellant submits that in I.A. 192 (MB)/2024,
Appellant has prayed for exclusion of 74 days time from 10.10.2023 to
22.12.2023 since the interim order passed by the Appellate Tribunal
continued to the above period whereas Adjudicating Authority has only
granted exclusion of 43 days from 10.10.2023 to 21.11.2023.
4. The prayers in I.A. 192/(MB)/2024 are as follows:
"a) That this Hon'ble Tribunal may be pleased to allow the present application;
b) That on account of the Stay Order passed by Hon'ble NCLAT, this Hon'ble Tribunal may be pleased to pass an order excluding the period of 74 days from the time period between the extension of the Stay Order from 10th October 2023 and date of the order passed by the Hon'ble NCLAT on 22nd December 2023 by which the Company Appeal (AT) (Insolvency) No. 273 of 2023 was dismissed and the Stay Order was vacated;
c) That this Hon'ble Tribunal be pleased to pass such order that this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the case and in the interest of justice."
5. The copy of the Order of the Appellate Tribunal has been brought on
record by the Appellant which indicates that Appeal has been dismissed on
22.12.2023 by this Tribunal. Thus the period as prayed in the application
deserves to be excluded.
6. We thus allow the Appeal, modify the order of the Adjudicating
Authority dated 28.02.2024 and granted exclusion of 74 days from
10.10.2023 to 22.12.2023.
The Appeal is disposed of.
[Justice Ashok Bhushan] Chairperson
[Arun Baroka] Member (Technical) himanshu/nn
Comp. App. (AT) (Ins.) No. 755 of 2024 2 of 2
This page reproduces a public judgment and a summary of it. It is research material, not legal advice, and it is no substitute for advice from an advocate on your own facts.
Research this judgment with Miss Lucy
Ask what it holds, what has followed it, and what it means for your matter — in plain English, with the citations.
Try Miss Lucy free