Pankaj Mahajan Resolution ... vs Ascendas Panvel Ftwz Ltd. & Ors. & Ors
- CitationCompany Appeal (AT) (Insolvency) No. 178 of 2026
Ratio decidendi
The rule this decision rests on
The order contains reasoning on one point: where an appeal against an adjudicating authority's order is pending before the Appellate Tribunal and fixed for a later date, the period of the corporate insolvency resolution process is not treated as having come to an end on the date up to which the adjudicating authority extended it, and the question of extending that period is left to be decided by the Tribunal at the final hearing of the appeal.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Pankaj Mahajan Resolution Professional of Arshiya Ltd. ...Applicant Versus Ascendas Panvel Ftwz Ltd. & Ors. ...Respondents
Present: For Applicant : Mr. Dhruv Dewan, Mr. Rohan Batra, Mr. Dhruv Sethi, Ms. Shailza Agarwal and Ms. Sanjukta Roy, Advocates.
For Respondents : Mr. Ketan Gaur, Mr. Ankit Pal, Ms. Nidhisha Garg and Ms. Saumya Sinha, Advocates for R-1 & R-2.
Ms. Mahima Sareen, Advocate for CoC.
ORDER
(Hybrid Mode)
19.05.2026 : I.A. No. 3537/2026
1. This application has been filed by the Resolution Professional ("RP")
seeking a direction for excluding the period for purposes of computation of
Corporate Insolvency Resolution Process ("CIRP") upto which, this appeal
remains pending in this Tribunal.
2. Learned counsel for the appellant has referred to the order dated
07.04.2026 passed in I.A. No.1348/2026, by which adjudicating authority
has extended the time upto 27.06.2026.
3. The appeal being pending and is fixed for 07.07.2026, we are of the view
that with regard to extension of time, at the time of final hearing of the appeal, this Tribunal shall take a call on that date. Appeal being pending and fixed
for 07.07.2026, we are of the view that the period of CIRP shall not be treated
to have come to an end on 27.06.2026.
With these observations, application is disposed of.
[Justice Ashok Bhushan] Chairperson
[Barun Mitra] Member (Technical) himanshu/md
I.A. No. 3537 of 2026 in Comp. App. (AT) (Ins.) No. 178 of 2026 2 of 2
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