Supraja Textiles Pvt Ltd vs Na

Supraja Textiles Pvt. Ltd. ...Appellant

Present: For Appellant : Mr. Mohan Raj, Mr. Deepayan Mandal and Mr. Janmejay Giridhar, Advocates

ORDER

22.10.2019 In the 'Corporate Insolvency Resolution Process' of 'Supraja

Textiles Private Limited', the 'Resolution Professional' (Appellant herein)

preferred the application for exclusion of certain period to enable the 'Committee

of Creditors' to accept the prospective 'resolution plan'. The Adjudicating

Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad by

impugned order dated 5th August, 2019 rejected the application.

Learned counsel appearing on behalf of the Appellant referred to the third

proviso to Section 12A which was amended and came into effect from 16th

August, 2019 and submitted that the Appellant should be allowed to exclude the

period in accordance with the said provision.

We have heard the learned counsel for the Appellant and in view of the

insertion of the third proviso to Section 12A of the 'I&B Code', we condone the

15 days delay in preferring the appeal and set aside the impugned order dated

5th August, 2019 to enable the 'Committee of Creditors' to consider the

prospective resolution plans, in accordance with, law preferably within three -2-

weeks and thereafter place the matter before the Adjudicating Authority for

approval and/or for liquidation, as the case may be.

The appeal is allowed with aforesaid observation.

[Justice S.J. Mukhopadhaya] Chairperson

[ Justice A.I.S. Cheema ] Member (Judicial)

[ Kanthi Narahari ] Member (Technical) /ns/gc

Company Appeal (AT) (Insolvency) No. 1064 of 2019