In Re_ Ghanshyam
Das Mundra, Resolution Professional Of Karuturi Global Limited Vs., (2020) 07
NCLT CK 0082
NCLT allowed the application
filed by the resolution Professional of the applicant U/s 12 of IBC, 2016 R/w
Rule 11 of the NCLT Rules, 2016, by inter alia seeking to exclude the period of
60 days from the computation of the Corporate Insolvency and Resolution Process
(CIRP) period of Corporate Debtor, in the interest of justice and equity. While
allowing the application NCLT held that we find from the Application that the
RP has diligently carried out his duties in calling for Expressions of Interest
('EOIs') from Prospective Resolution Applicants ('PRAs') and has thus far
received EOIs from three such applicants. Others have also shown interest.
However, his work was stalled for legitimate reasons namely that w.e.f.
25.03.2020 the Central Government declared a nationwide lockdown and prohibited
all non-essential activities in response to the onset of the COVID-19 pandemic.
We are convinced that these circumstances justify the exclusion of time as
prayed for and are in accordance with the decision of the Hon'ble NCLAT referred
to above. We are also of the view that by allowing the time as prayed for, the
RP would get the requisite time to complete the CIRP as per the Rules laid down
in this regard, and be able to maximize the value of assets and serve the interest
of the creditors better, and no prejudice would be caused to anyone by allowing
the same.
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