Tara Chand Meenia vs Unknown

Tara Chand Meenia ....Appellant Resolution Professional for M/s. Maha Associated Hotels Pvt. Ltd.

For Appellant Mr. Abhishek Anand, Ms. Jasleen Singh Sandha, Advocates.

ORDER

(Hybrid Mode)

29.01.2024: Heard Shri Abhishek Anand, Learned Counsel for the

Appellant.

2. This Appeal has been filed against the order dated 12.10.2023 by which

order the Adjudicating Authority (National Company Law Tribunal), Jaipur

Bench has rejected the IA No.249/JPR/2023 by which the Applicant has

sought exclusion of 1149 days from the CIRP period.

3. Learned Counsel for the Appellant submitted that the Form-G was once

issued in 2019 thereafter no further steps could be taken and the IRP was

ultimately replaced on 21.03.2023 and thereafter CoC passed a resolution on

23.03.2023 asking for exclusion of time to enable issuance of fresh Form-G. It

is submitted that in the meantime, valuation has also been completed. 2

4. After having heard the Counsel for the Appellant, we are of the view that

insofar as prayer for exclusion of 1149 days, it has rightly been rejected by the

Adjudicating Authority. There has to be some limit for claiming exclusion.

Thus, we are of the view that insofar as the order of the Adjudicating Authority

rejecting the prayer of exclusion 1149 days does not require any interference.

5. Learned Counsel for the Appellant lastly submitted that as a last

resource 60 days' time be allowed to enable the issuance of fresh Form-G and

in event any EoI is received, the process will be completed, failing which

appropriate steps will be taken by the RP himself for liquidation of the

Corporate Debtor.

6. Considering the aforesaid, we accept the prayer of the Appellant and

grant 60 days' time for issuance of Form-G and taking steps to complete the

process, if any, within 60 days from today, failing which RP shall file an

appropriate application for liquidation of the Corporate Debtor.

7. The Appeal is disposed of.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

[Arun Baroka] Member (Technical) Anjali/nn

Company Appeal (AT) (Insolvency) No. 15 of 2024 & I.A. No. 43 of 2024