Vikram Bajaj Liquidator For Themes ... vs Bank Of Baroda

Vikram Bajaj Liquidator for Theme Exports Pvt. Ltd. ...Appellant

Versus

Bank of Baroda ...Respondent

Present: For Appellant: Mr. Abhishek Anand and Mr. Viren Sharma, Advocates. For Respondent: Ms. Asiya Khan, Advocate.

ORDER

(Virtual Mode)

27.01.2022: Heard Shri Abhishek Anand, learned counsel for the

Appellant and learned counsel for the Bank of Baroda. This Appeal has been

filed against order dated 01.10.2021 passed by the Adjudicating Authority

(National Company Law Tribunal), New Delhi, Court-V by which the prayer

made by the Appellant for exclusion of time from 27.10.2020 to 14.10.2021

has been refused.

2. Learned counsel for the Appellant submits that request for exclusion of

the above period was made since the Bank of Baroda filed an appeal under

Section 42 of the Insolvency and Bankruptcy Code, 2016 (for short 'Code')

which is pending consideration. The Bank of Baroda has requested for release

of the security which was ordered to be released by the Liquidator on certain

conditions, which were under challenge in appeal. It is submitted that till the

appeal is decided the Liquidator could not have proceeded any further. Hence,

the time ought to have been excluded.

Cont'd.../ 2

3. Learned Counsel for the Bank of Baroda submits that they have no

objection in exclusion of the aforesaid period since the Appeal filed by the Bank

of Baroda is still pending.

4. We have considered the submissions made by learned counsel for the

parties and perused the record. An Appeal was filed by the Bank of Baroda

against the order passed by the Liquidator where security was to be released

with certain conditions. It is obvious that the Liquidator could not have

proceeded any further in the matter. Hence, the period from 27.10.2020 to

14.10.2021 ought to have been excluded from the liquidation process. We,

thus, find sufficient ground in the Appeal. I.A. No. 4370 of 2021 filed by the

Appellant is allowed. The time from 27.10.2020 to 14.10.2021 is excluded

from the liquidation process. Appeal is allowed.

[Justice Ashok Bhushan] Chairperson

[Dr. Alok Srivastava] Member (Technical)

Archana/nn

Company Appeal (AT) (Insolvency) No. 935 of 2021