ATUL CHATURVEDI

1. This is an application under Section 60(5) of IBC, 2016 read with Rule 11 of NCLT Rules, 2016 filed by the Resolution Professional seeking exclusion of CIRP time period of the Corporate Debtor.

2. This Adjudicating Authority in Company Petition No. IB-113/ND/2021, in the case of M/s. Vistra ITCL (India) Limited versus M/s. Ansal Urban Condominiums Private Limited admitted an application filed by the Applicant i.e., M/s. Vistra ITCL (India) Limited in terms of Section 7(5) of IBC, 2016. Consequently, the CIRP in respect of the Corporate Debtor commenced as per the order dated 10.03.2022.

3. The present Applicant was appointed as the IRP who was subsequently, confirmed as the RP of the Corporate Debtor in the first meeting of CoC held on 09.04.2020. It is stated by the Applicant that the RP made several attempts to contact the Suspended Management by sending several emails on 17.03.2022 and 21.03.2022 to the Registered email ID available on the MCA records (i.e. satnamcs@gmail.com) intimating the Suspended Management about the initiation of CIRP and requesting them to provide certain information and documents relating to the Corporate Debtor at the earliest.

4. It is also stated by the Applicant that the Applicant received a reply email dated 21.03.2022, from the said email ID saying that the said email ID is common for several companies and the Suspended Management of the Corporate Debtor has no access to the said email ID. Therefore, the Applicant was not able to contact the Suspended Management of the Corporate Debtor.

5. It is further stated by the Applicant that the Applicant visited the Registered Office of the Corporate Debtor i.e., 115, Ansal Bhawan, K.G. Marg, New Delhi, Assistant Collector Group I, SDM, Delhi, for recovery of land revenue arrears of M/s. Ansal Hi-tech Townships Limited which is one of the group companies of the Ansal Properties and Infrastructure Limited and shareholders of the Corporate Debtor who also has the same premises as their Registered Office. The Applicant filed IA-2335/2022 before this Tribunal for de-sealing of the Registered Office of the Corporate Debtor and the same is pending adjudication. The Applicant again sent email dated 31.01.2023 requesting to furnish the correct email ID but did not receive any reply. It is also submitted that two of the Directors of the Corporate Debtor had resigned before commencement of CIRP and therefore he tried to contact the third Director, Mr. Krishan Pal Singh but did not receive any reply. Therefore, the Applicant contacted the shareholders of the Corporate Debtor to seek information/documents of the Corporate Debtor. He convened a meeting on 06.04.2022 and handed over a list of documents required by him to the shareholders and requested them to provide the information. Consequent to the said meeting the shareholders shared few basic documents along with a copy of the death certificate of the third Director i.e., Mr. Krishan Pal Singh which shows that there is no active board for getting any information.

6. It is submitted that the Applicant has already sought two extensions of CIRP period till now. On 14.10.2022, in IA-4492/2022, this Tribunal granted extension of time by 190 days from 07.09.2022. On 07.12.2022, this Tribunal also granted extension of time by 60 days w.e.f. 05.12.2022. Since, very limited cooperation was received from the shareholders of the Corporate Debtor, the Applicant has filed an application under Section 19(2) of the Code, seeking their cooperation which is pending adjudication.

7. The Applicant has published the invitation of Expression of Interest (Form G) on 24.05.2022 in Pioneer (English and Hindi Edition) and the last date for the receipt of the Expression of Interest was 08.06.2022. Pursuant thereof, five Expression of Interests for submission of Resolution Plans were received by the Applicant. However, the Expression of interest did not meet the eligibility criteria which was approved by the CoC in the second meeting held on 18.05.2022. Therefore, the Resolution Professional re-published the Expression of Interest (Form G) in Financial Express (English Edition) Jansatta (Hindi Edition) on 05.07.2022 and the last date for the receipt of the Expression of Interest was 05.07.2022. Pursuant thereto, the Applicant received nine Expression of Interests for submission of Resolution Plans. Further, the prospective Resolution Applicants have sought extension for submitting the Resolution Plan due to complexity of the project. Initially extension of one month was granted to the Resolution Applicants after taking approval from the leading member of the CoC vide email dated 10.08.2022 which was also approved by the lead member of the CoC vide email dated 12.08.2022.

8. From the above, it is evident that the Applicant has sought for extension of five months i.e., 150 days from the present CIRP criteria on the following reasons:-

I. Non-cooperation of the earlier management.

II. No access to the registered office of the Corporate Debtor.

III. Complexity of the project and non-recognition of the Corporate Debtor by Ghaziabad Development Authority for grant of permissions, approvals, licenses, etc.

IV. Submission of Resolution Plan and its approval.

9. Learned Counsel for the Applicant has relied upon the judgment of the Hon'ble NCLAT in the case of Quinn Logistics India Private Limited versus Mack Soft Tech Private Limited dated 08.05.2018, wherein the Hon'ble NCLAT held that, if an application is filed by the "Resolution Professional or the "Committee of Creditors" or "any aggrieved person" for justified reasons, it is always open to the NCLTs/NCLAT to 'exclude certain period' for the purpose of counting the total period of 330 days, if the facts and circumstances justify exclusion, in unforeseen circumstances.

10. Learned Counsel for the Applicant has also relied upon the judgment of the Hon'ble NCLAT in the case of Ramchandra D. Chaudhary, R.P. of Maharashtra Shetkari Sugar Limited versus Committee of Creditor of Maharashtra Shetkari Sugar Limited, being Company Appeal (AT) Insolvency No. 663 of 2019. In the said judgment, the Hon'ble Appellate Tribunal taking into consideration the non-cooperation of the Suspended Board of Directors excluded a period of 145 days. It is further submitted that in case, the exclusion is not granted, the Applicant will be constrained to file an application for exclusion of Liquidation Period of the Corporate Debtor.

11. Having considered the submissions made by the Learned Counsel for the Applicant and perused the records, we are of the considered view that exclusion of 150 days should be granted in the present case.

IA allowed.