This is a Company Appeal (AT) (Insolvency) No. 1386 of 2019 with Interlocutory Application No.3935 of 2019. The appeal was filed by the Liquidator against the order dated 14th October, 2019 passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench, Mumbai. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking exclusion of a time period of 129 days. The Adjudicating Authority accepted the exclusion but only excluded 100 days from 1st May, 2019 to 9th August, 2019, which was the date of pendency of proceedings before the National Company Law Tribunal and the Hon'ble Supreme Court.
The Liquidator, Kshitiz Gupta, filed an appeal against the Adjudicating Authority's order dated October 14, 2019. The Adjudicating Authority (NCLT Mumbai) had partially accepted an application under Section 60(5) of the Insolvency and Bankruptcy Code (I&B Code) seeking exclusion of a time period of 129 days. The Adjudicating Authority excluded only 100 days, from May 1, 2019, to August 9, 2019, representing the pendency of proceedings before the NCLT and the Supreme Court. The appellant argued that an additional 29 days should be excluded. The appellant was appointed as Liquidator later on. The appellant was directed to sell the assets within 180 days. The case references Y. Shivram Prasad vs. S. Dhanapal & Ors., S.C. Sekaran v. Amit Gupta & Ors., Swiss
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The Adjudicating Authority (National Company…
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This is a Company Appeal (AT) (Insolvency) No. 1386 of 2019 with Interlocutory Application No.3935 of 2019. The appeal was filed by the Liquidator against the order dated 14th October, 2019 passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench, Mumbai. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking exclusion of a time period of 129 days. The Adjudicating Authority accepted the exclusion but only excluded 100 days from 1st May, 2019 to 9th August, 2019, which was the date of pendency of proceedings before the National Company Law Tribunal and the Hon'ble Supreme Court.
The Liquidator, Kshitiz Gupta, filed an appeal against the Adjudicating Authority's order dated October 14, 2019. The Adjudicating Authority (NCLT Mumbai) had partially accepted an application under Section 60(5) of the Insolvency and Bankruptcy Code (I&B Code) seeking exclusion of a time period of 129 days. The Adjudicating Authority excluded only 100 days, from May 1, 2019, to August 9, 2019, representing the pendency of proceedings before the NCLT and the Supreme Court. The appellant argued that an additional 29 days should be excluded. The appellant was appointed as Liquidator later on. The appellant was directed to sell the assets within 180 days. The case references Y. Shivram Prasad vs. S. Dhanapal & Ors., S.C. Sekaran v. Amit Gupta & Ors., Swiss
…The Adjudicating Authority (National Company…
The Adjudicating…