IN RE Vs. CETHAR LTD

JUDGEMENT

(1.) Counsel for RP present. As seen from the order dated 11.12.2017, 90 days period of CIRP was extended in relation to CP/511/2017, which was without prejudice to the rights and contentions of the CoCs. In this matter, the RP was appointed after 33 days of the order passed to initiate the CIR process and then the Hon'ble High Court of Madras has granted stay on 01.08.2017 till 18.08.2017. In other words, the IRP could not perform his duties for a total period of 41 days after excluding 10 days' period which is availed for seeking recommendation of the IBBI for appointment of IRP. The Counsel for RP has also relied upon the order of the Hon'ble NCLAT dated 22.01.2018 wherein under the similar circumstances it has been laid down that the period during which the IRP/RP was not in a position to perform his function due to suspension of the process by the Court, the said period has to be excluded from the maximum period of CIRP.

(2.) Therefore, in view of the circumstances stated above, the Application is allowed. The CIR process is extended for a further period of 41 days with effect from 31.03.2018 onwards. This period of time is granted so as to exclude 41 days for which the delay was caused due to delayed recommendation of IBBI and stay of the Hon'ble High Court of Madras. Accordingly, CA/55/IB/2018 stands disposed of.