The case involves an appeal against the Adjudicating Authority's decision to decline the exclusion of certain periods from the Corporate Insolvency Resolution Process (CIRP) timeline. The Resolution Professional of M/s. Horizon Buildcon Pvt. Ltd., the Corporate Debtor, sought exclusion of the period consumed in legal proceedings before the Adjudicating Authority, specifically from October 21, 2020, to November 9, 2020, and from January 12, 2021, to February 3, 2021, for calculating the CIRP period. The Adjudicating Authority did not exclude these periods, leading to the appeal.
The Resolution Professional of M/s. Horizon Buildcon Pvt. Ltd. (the Corporate Debtor undergoing CIRP) appealed against the Adjudicating Authority's decision. The Adjudicating Authority declined to exclude the period from October 21, 2020, to November 9, 2020, and from January 12, 2021, to February 3, 2021, from the CIRP timeline. The Resolution Professional sought this exclusion because these periods were consumed in legal proceedings before the Adjudicating Authority. The Committee of Creditors (COC) had directed the Resolution Professional to seek an extension of 60 days beyond the initial 270-day CIRP period. The appellant argued that the failure to exclude the period of judicial intervention rendered the extension granted meaningless, as the extended period expired
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The case involves an appeal against the Adjudicating Authority's decision to decline the exclusion of certain periods from the Corporate Insolvency Resolution Process (CIRP) timeline. The Resolution Professional of M/s. Horizon Buildcon Pvt. Ltd., the Corporate Debtor, sought exclusion of the period consumed in legal proceedings before the Adjudicating Authority, specifically from October 21, 2020, to November 9, 2020, and from January 12, 2021, to February 3, 2021, for calculating the CIRP period. The Adjudicating Authority did not exclude these periods, leading to the appeal.
The Resolution Professional of M/s. Horizon Buildcon Pvt. Ltd. (the Corporate Debtor undergoing CIRP) appealed against the Adjudicating Authority's decision. The Adjudicating Authority declined to exclude the period from October 21, 2020, to November 9, 2020, and from January 12, 2021, to February 3, 2021, from the CIRP timeline. The Resolution Professional sought this exclusion because these periods were consumed in legal proceedings before the Adjudicating Authority. The Committee of Creditors (COC) had directed the Resolution Professional to seek an extension of 60 days beyond the initial 270-day CIRP period. The appellant argued that the failure to exclude the period of judicial intervention rendered the extension granted meaningless, as the extended period expired
…The Adjudicating Authority issued an order…
The first period sought to be excluded from…
Sign in to view related legal provisions.