(Rohinton Fali Nariman and Surya Kant, JJ.)
State Bank of India __________________________________ Appellant;
v.
Manibhadra Polycot and Others ____________________ Respondent(s).
Civil Appeal Nos. 4392-4393 of 2019, decided on August 9, 2019
With
Civil Appeal Nos. 4656-4657 of 2019
Civil Appeal Nos. 4392-4393 of 2019 and Civil Appeal Nos. 4656-4657 of 2019
The Order of the court was delivered by
Order
C.A. Nos. 4656-4657/2019
1. The National Company Law Appellate Tribunal in the impugned order dated 01.05.2019 has excluded a further 21 days from being counted as part of the 270 days period which is otherwise over in the facts of this case. These 21 days are divided into 3 groups. A cluster of 7 days from 17.11.2017 to 23.11.2017; another cluster of 11 days between 06.03.2018 and 17.03.2018; and a third cluster of 3 days between 08.08.2018 and 10.08.2018.
2. We are of the view that the first two sets of days, namely, 7 days and 11 days, cannot be excluded for the simple reason that they are not incurred in any litigation process. Even assuming that the last cluster, namely 3 days between 08.08.2018 and 10.08.2018 are to be excluded, and we add these days to 01.05.2019 when the litigation process has come to an end, we still reach 04.05.2019. The Resolution plan in question is submitted only on 08.05.2019, and is therefore clearly beyond the mandatory period laid down in the Insolvency Code, 2016.
3. The impugned order dated 01.05.2019 is set aside and the appeals are accordingly allowed.
C.A. Nos. 4392-4393/2019
4. The appeals are disposed of in terms of the order passed above.
Civil Appeal No(s). 4392-4393/2019
State Bank of India _________________________________ Appellant
v.
M/s. Manibhadra Polycot & Ors _____________________ Respondent(s)
(IA No. 69446/2019 – EXEMPTION FROM FILING C/C OF THE IMPUGNED JUDGMENT, IA No. 69443/2019 – STAY APPLICATION)
WITH
C.A. No. 4656-4657/2019 (XVII)
(IA No. 77016/2019 – EXEMPTION FROM FILING C/C OF THE IMPUGNED JUDGMENT, IA No. 77019/2019 – STAY APPLICATION)
Date : 09-08-2019 These matters were called on for hearing today.
(Before Rohinton Fali Nariman and Surya Kant, JJ.)
For Appellant(s) Mr. K.V. Vishwanathan, Sr. Adv.
Mr. Sanjay Kapur, AOR
Mr. Megha Karnwal, Adv.
Mr. Harshal Narayan, Adv.
Ms. Shubhra Kapur, Adv.
Mr. R. Venkataraman, Adv.
For Respondent(s) Mr. Ramji Srinivasan, Sr. Adv.
Mr. Amar Dave, Adv.
Mr. Rishi Kapoor, Adv.
Mr. ashish Kumar Upadhyay, Adv.
Ms. Sylona Mohapatra, Adv.
Mr. Nikhil Ramdev, Adv.
Mr. P.V. Yogeswaran, AOR
Mr. Raj Kishor Choudhary, AOR
Ms. Madhumita Bhattacharjee, AOR
Mr. A. Jain, Adv.
Mr. Chitranshul A. Sinha, Adv.
Ms. Sonal Khanna, Adv.
Mr. Anshuman Chaturvedi, Adv.
For M/S. Dua Associates, AOR
Mr. Balaji Srinivasan, AOR
Mr. Alok Kumar, Adv.
Ms. Somya Yadava, Adv.
Ms. Snigdha Singh, Adv.
Mr. Ramesh Thakur, Adv.
Mr. Chirag Babbar, Adv.
Mr. Ashutosh Jain, Adv.
Mr. Ketul Hansraj, Adv.
UPON hearing the counsel the Court made the following
ORDER
C.A. Nos. 4656-4657/2019
5. The appeals are allowed.
6. Pending applications stand disposed of.
C.A. Nos. 4392-4393/2019
7. The appeapls are dispsoed of in terms of the order passed in C.A. Nos. 4656-4657/2019.
8. Pending applications stand disposed of.
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