Resolution Professional Of Venta ... vs Present

In the matter of: Resolution Professional of Venta Realtech Pvt. Ltd. ....Appellant

Present For Appellant: Mr. Sumant Batra & Mr. Rahul Mendiratta, Advocates.

ORDER

(Virtual Mode)

25.06.2021: Heard Learned Counsel Mr. Sumant Batra appeared on behalf

of the Appellant.

2. Learned Counsel for the Appellant is aggrieved and dissatisfied by the

Order dated 11th May, 2021 marked at Annexure A-1 at Page 35 of the Appeal

Paper Book whereby, National Company Law Tribunal, New Delhi Bench- V in

(IB) 923/ (ND)/ 2019 in IA/ 839/ 2020 passed the following Orders:

16. For the reasons discussed above, we are of the considered view that so far the exclusion of 154 days is concerned, this prayer has already been allowed vide order dated 11.02.2021 in IA/1926/2020 and period of CIRP (270 days), which had expired on 14.02.2020 was extended till 17/07/2020. We have also excluded the period of 11 days commencing from 17.07.2020 to 27.07.2020 on the ground that the Registered office of The Resolution Professional was situated in Containment Zone at Vaishali Sector-1, Ghaziabad in the aforementioned paragrapyh and on the basis of that period of CIRP, i.e. 270 days extended till 27/07/2020.

17. So far other prayers, which have not been allowed in the aforementioned paragraphs are hereby rejected.

3. Learned Counsel while referring to Annexure A-7 at Page-84 of the Appeal

Paper Book wherein this Appellate Tribunal in Company Appeal (AT) (Insolvency)

No. 668 of 2020 has passed the following orders on 06.08.2020: - 2

Mr. Virender Ganda, learned senior counsel representing the Appellant submits that the finding rendered by the Adjudicating Authority that the Appellant is not a Financial Creditor and in the alternative if it is assumed that he is a Financial Creditor then he is a Promoter not entitled to claim the possession of land, is erroneous and cannot be sustained. Issue notice upon Respondent. Appellant to provide mobile Nos./e-mail address of the Respondent. Notice be issued through e-mail or any other available mode. Requisites along with process fee be filed within three days. Mr. Virender Ganda, learned senior counsel submits that some relevant documents which are part of the record of the Adjudicating Authority have been inadvertently left out when the appeal paper book was compiled. He is permitted to file the same by way of an affidavit. List the appeal 'for admission (after notice)' on 1st September, 2020. Meanwhile, the resolution process will continue but the Committee of Creditors shall not take final decision with regard to approval of the resolution plan till next date of hearing.

4. Further, Learned Counsel for the Appellant referred to Order as contained

in Appeal Paper Book marked at Annexure A-8 at Page-86 whereby, the National

Company Law Appellate Tribunal, New Delhi in Company Appeal (AT)

(Insolvency) No. 629 & 668 of 2020 have modified its earlier order and directed

that both the Appeals be listed 'for hearing' on 25th September, 2020 at 2:00 P.M.

5. Learned Counsel for the Appellant submitted that the Learned

Adjudicating Authority has failed to appreciate the Order of the NCLAT marked

at Annexure A-7 at Page-84 of the Appeal Paper Book. Order dated 06.08.2020

passed the following orders: -

Meanwhile, the resolution process will continue but the Committee of Creditors shall not take final decision with regard to approval of the resolution plan till next date of hearing.

Company Appeal (AT) (Ins.) No. 429 of 2021 3

6. This Order remains for a period of 39 days and this period of 39 days has

to be excluded and only after at Annexure A-8 at Page-86 under Order dated

04.09.2020 this order was modified. So, the period of 39 days further has to be

excluded which the Learned Adjudicating Authority has failed to do so.

7. Learned Counsel for the Appellant further referred to Page-30 of the Appeal

Paper Book and referred 'Para XXI. Reliefs Sought' and made the following

points.:

a) Pass an order setting aside the Impugned Order passed on 11.05.2021, by the Learned Adjudicating Authority in IA 839/2020 in C.P. No. (IB) 923 (ND) of 2019;

b) Pass an order allowing 39 days exclusion on account of stay of functioning of CoC imposed by the Hon'ble Appellate Tribunal vide order dated 27.07.2020 & 06.08.2020 till vacation of the said order i.e. 04.09. 2020 in Company Appeal (AT) (Ins.) No. 629 & 668 of 2020.

c) Pass an order allowing to include 68 days in computation of CIRP timeline of Corporate Debtor as Regulation 40C of CIRP Regulations on account of lockdown imposed by the Central Government.

8. Learned Counsel for the Appellant submitted that total period is now 68 +

39 days = 107days has to be excluded.

9. Learned Counsel for the Appellant further submitted that Resolution Plan,

in the case was submitted on 22nd October, 2020 within the period of 270 days

if 107 days were excluded.

10. Learned Counsel for the Appellant further submitted that hearing on

behalf of the RP is still pending before the Tribunal.

11. After hearing Learned Counsel for the Appellant and pursuing the case

submissions on behalf of the Learned Counsel for the Appellant we are of the

considered opinion that the Learned Adjudicating Authority has failed to take

Company Appeal (AT) (Ins.) No. 429 of 2021 4

into consideration to exclude the period of 39 days and only have excluded the

period of 68 days which is on the record submitted by the Learned Adjudicating

Authority.

12. Further, Learned Counsel prayed to accept the submissions made and

prays to exclude the period of 68 days + 39 days = 107 days on submission of

the Resolution plan which according to the Appellant is within the period of 270

days.

13. The submissions made by the learned counsel are accepted the period of

68 days + 39 days = 107 days is excluded.

14. The Learned Tribunal is requested to disposed off the hearing of the

Resolution Plan which is pending before the Adjudicating Authority expeditiously

as possible.

`15. The Appeal stand allowed.

16. No Order as to cost.

17. The Registry is directed to upload this Judgement on the website of this

Appellate Tribunal.

18. Registry is directed to send a copy of the Judgement to the National

Company Law Tribunal, New Delhi Bench.

[Justice Anant Bijay Singh] Member (Judicial)

[Ms. Shreesha Merla] Member (Technical) Sim/nn

Company Appeal (AT) (Ins.) No. 429 of 2021