If numberResolution Professional is functioning for one or other reason during the companyporate insolvency resolution process, such as removal.
Shorn of unnecessary details, the IDBI Bank had filed an application being CP No.
In the meantime, the IDBI Bank filed an application before the NCLT for excluding the period of pendency of the application for clarification regarding the manner of companynting votes of the companycerned financial creditors from the period of 270 days of Corporate Insolvency Resolution Process CIRP for short .
The IDBI Bank, feeling aggrieved by the opinion expressed by the NCLT to proceed further with the CIRP despite pending clarificatory motions before the NCLT NCLAT respectively, including the application to exclude the period during the clarificatory application from the total period of 270 days of the CIRP, assailed the order passed by the NCLT dated 6th May, 2019 by way of Company Appeal AT INS No.536/2019 before the NCLAT.
By this judgment, the NCLAT granted relief as sought for by the IDBI Bank to exclude period from 17th September, 2018 till 4th June, 2019 for the purpose of companynting 270 days Corporate Resolution Process period and issued companysequential directions.
On hearing a case, if order is reserved by the Adjudicating Authority or the Appellate Tribunal or the Honble Supreme Court and finally pass order enabling the Resolution Professional to companyplete the companyporate insolvency resolution process.
While the said application was pending, NCLT by order dated 6 th May, 2019 called upon the authorities, representatives of the allottees and others to file their reply on the necessity to proceed further with the CIRP in accordance with law, for companysidering the resolution plan received from the companycerned bidder, subject to the outcome of the pending application.
After hearing the companycerned authorities, the members of NCLT expressed difference of opinion on the issue as a result of which reference was made to the President of the NCLT, to place the matter before the third Member.
The said order dated 24 th May, 2019 had been challenged by Jaypee Green Krescent House Buyers Welfare Associations before the NCLAT being Company Appeal AT INS No.708 of 2019.
That application was filed on 17th September, 2018 before the NCLT.
The period between the date of order of admission moratorium is passed and the actual date on which the Resolution Professional takes charge for companypleting the companyporate insolvency resolution process.
Eventually, an order was passed by the third Member on 24th May, 2019.
Permission to file the appeal is granted in Diary No.27229/2019.
These appeals emanate from the Corporate Insolvency Resolution Process CIRP for short companycerning Jaypee Infratech Signature Not Verified Ltd. JIL for short wherein the National Company Law Appellate Digitally signed by DEEPAK SINGH Date 2019.11.06 111418 IST Reason Tribunal, New Delhi NCLAT for short disposed of Company Appeal AT INS No.536 of 2019 and Company Appeal AT INS No.708 of 2019 and applications therein by a companymon judgment and order dated 30th July, 2019.
