w w w . L a w y e r S e r v i c e s . i n



M/s. Alpha Corp Development Pvt. Ltd. v/s M/s. Earth Infrastructure Ltd.


Company & Directors' Information:- ALPHA CORP DEVELOPMENT PRIVATE LIMITED [Active] CIN = U45201PB2003PTC045680

Company & Directors' Information:- J K CORP LIMITED [Not available for efiling] CIN = U21015OR1938PLC000427

Company & Directors' Information:- G K S INFRASTRUCTURE LIMITED [Active] CIN = L45400DL1985PLC021038

Company & Directors' Information:- G CORP PRIVATE LIMITED [Active] CIN = U70102KA2001PTC028962

Company & Directors' Information:- K D P INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U74899DL1993PTC054780

Company & Directors' Information:- C INFRASTRUCTURE CORPORATION LIMITED [Strike Off] CIN = U61100DL1982PLC013968

Company & Directors' Information:- EARTH CORPORATION LIMITED [Active] CIN = U45400MH2007PLC171045

Company & Directors' Information:- N K B INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200HR2011PTC042402

Company & Directors' Information:- V T CORP PRIVATE LIMITED [Active] CIN = U29253MH2010PTC199851

Company & Directors' Information:- INFRASTRUCTURE DEVELOPMENT CORPORATION PRIVATE LIMITED [Strike Off] CIN = U99999DL1996PTC078760

Company & Directors' Information:- L K INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400MH2010PTC203711

Company & Directors' Information:- S K J INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45102MH2001PTC131284

Company & Directors' Information:- K INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201GJ2009PTC056299

Company & Directors' Information:- K L N INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70100KA2013PTC070361

Company & Directors' Information:- C P INFRASTRUCTURE PVT LTD [Active] CIN = U45201DL2005PTC143865

Company & Directors' Information:- R P INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200MH2003PTC141340

Company & Directors' Information:- B S Y INFRASTRUCTURE PRIVATE LIMITED. [Active] CIN = U70101HR2006PTC064456

Company & Directors' Information:- G K INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45200GJ2005PTC046213

Company & Directors' Information:- G S M INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201DL2004PTC125377

Company & Directors' Information:- A V INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45203WB2006PTC111599

Company & Directors' Information:- K B S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70101DL2005PTC136641

Company & Directors' Information:- S N N INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45202KA2011PTC059893

Company & Directors' Information:- K. E. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400MH2012PTC225658

Company & Directors' Information:- S B M INFRASTRUCTURE LIMITED [Active] CIN = U70102CH1992PLC012381

Company & Directors' Information:- V D INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400WB2008PTC122820

Company & Directors' Information:- ALPHA @ NETSOFT PRIVATE LIMITED [Strike Off] CIN = U72200GJ2000PTC038023

Company & Directors' Information:- K. G. R INFRASTRUCTURE PRIVATE LIMITED. [Strike Off] CIN = U70102DL2008PTC177822

Company & Directors' Information:- A L INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200MH2008PTC184347

Company & Directors' Information:- C. I. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45203MP2005PTC018149

Company & Directors' Information:- S G INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201RJ1999PTC015467

Company & Directors' Information:- J N INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201OR2008PTC009789

Company & Directors' Information:- K C INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200PB2008PTC032011

Company & Directors' Information:- S H A INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45400UP2012PTC049795

Company & Directors' Information:- V H B INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45400DL2008PTC172682

Company & Directors' Information:- V V S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70100KA2015PTC084214

Company & Directors' Information:- G. H. INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45309UP2020PTC126090

Company & Directors' Information:- S CORP PRIVATE LIMITED [Strike Off] CIN = U74900TN2011PTC083426

Company & Directors' Information:- G N R INFRASTRUCTURE (INDIA) LIMITED [Strike Off] CIN = U45200TG2009PLC065140

Company & Directors' Information:- A R K INFRASTRUCTURE INDIA PRIVATE LIMITED [Strike Off] CIN = U74900TG2015PTC100714

Company & Directors' Information:- U V F INFRASTRUCTURE LIMITED [Active] CIN = U45400WB2010PLC153786

Company & Directors' Information:- C. A. D. INFRASTRUCTURE INDIA PRIVATE LIMITED [Strike Off] CIN = U45201MP1997PTC012280

Company & Directors' Information:- P D INFRASTRUCTURE DEVELOPMENT CO LTD [Strike Off] CIN = U45206AS1995PLC004491

Company & Directors' Information:- R. S. V. INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U70100WB2008PTC127373

Company & Directors' Information:- J S INFRASTRUCTURE DEVELOPMENT (INDIA) PRIVATE LIMITED [Active] CIN = U70102MH2007PTC171627

Company & Directors' Information:- D B G INFRASTRUCTURE (INDIA) PRIVATE LIMITED [Strike Off] CIN = U45209PN2010PTC137319

Company & Directors' Information:- R P V S INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45203TG2011PTC072772

Company & Directors' Information:- S P H R INFRASTRUCTURE PVT LTD [Strike Off] CIN = U45209WB2006PTC109280

Company & Directors' Information:- EARTH INDIA PRIVATE LIMITED [Strike Off] CIN = U74899DL1993PTC056118

Company & Directors' Information:- S I S INFRASTRUCTURE PRIVATE LIMITED [Under Process of Striking Off] CIN = U70200DL2014PTC263278

Company & Directors' Information:- A S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70109DL1996PTC084029

Company & Directors' Information:- P G INFRASTRUCTURE PRIVATE LIMITED [Converted to LLP] CIN = U70109DL1996PTC084030

Company & Directors' Information:- B S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70109DL1996PTC084031

Company & Directors' Information:- J B C INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45203PN1998PTC112753

Company & Directors' Information:- I I C INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U70109DL2006PTC152588

Company & Directors' Information:- M & A CORP PRIVATE LIMITED [Active] CIN = U74120MH2012PTC233794

Company & Directors' Information:- M N A INFRASTRUCTURE PRIVATE LIMITED [Converted to LLP] CIN = U45400TG2009PTC063947

Company & Directors' Information:- T S A INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400UP2014PTC065137

Company & Directors' Information:- V B G INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U70100TG2010PTC069278

Company & Directors' Information:- M N C INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45209TG2011PTC077524

Company & Directors' Information:- M W INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201CH2008PTC031045

Company & Directors' Information:- M I T INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45400DL2008PTC180830

Company & Directors' Information:- I K INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201DL2005PTC135711

Company & Directors' Information:- A J S INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45201DL2005PTC140640

Company & Directors' Information:- M R INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201DL2005PTC143565

Company & Directors' Information:- H V INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200DL2007PTC158234

Company & Directors' Information:- B H I INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U70101MP2012PTC029256

Company & Directors' Information:- S AND Y INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200MP2013PTC031382

Company & Directors' Information:- P V R N INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45400HR2010PTC040311

Company & Directors' Information:- R J S INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201GJ2009PTC055941

Company & Directors' Information:- B. R. INFRASTRUCTURE PRIVATE LIMITED [Strike Off] CIN = U45201GJ2008PTC054103

Company & Directors' Information:- T H D INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U45200KL2012PTC032595

Company & Directors' Information:- A L E M INFRASTRUCTURE PRIVATE LIMITED [Active] CIN = U29308GJ2020PTC118118

Company & Directors' Information:- ALPHA PVT LTD [Strike Off] CIN = U51909ML1950PTC000943

    Company Appeal (At) (Insolvency) No. 902 of 2019

    Decided On, 30 September 2019

    At, National Company Law Appellate Tribunal

    By, THE HONOURABLE MR. S.J. MUKHOPADHAYA
    By, CHAIRPERSON
    By, THE HONOURABLE MR. A.I.S. CHEEMA
    By, JUDICIAL MEMBER & THE HONOURABLE MR. KANTHI NARAHARI
    By, MEMBER

    For the Appearing Parties: Sandeep Bhuraria, Allan Messy, Anurag Bhatt, Lokesh, Akash Shinghal, Advocates.



Judgment Text

1. The 'Resolution Applicant' 'M/s. Alpha Corp Development Pvt. Ltd. (Appellant) as one of the 'Resolution Applicants' filed application under sub-section (5) of Section 60 of the Insolvency & Bankruptcy Code, 2016 ('I&B' Code, for short) before the Adjudicating Authority ('National Company Law Tribunal') Court-III, New Delhi for extension of time in the 'Corporate Insolvency Resolution Process' against 'M/s. Earth Infrastructure Ltd.' ('Corporate Debtor') with following prayer:-

a. Declare that the Resolution, through Item No.6, as proposed in the Meeting of Committee of Creditors held on 07.8.2019 stood approved by 74.011% of voters (present and voting) in favour of the Resolution.

b. Allow the instant Application and grant an exclusion of 54 days from 25.6.2019 to 17.8.2019 from the Corporate Insolvency Resolution process period.

c. Allow the applicant to submit the Resolution Plan till 31.8.2019.

d. Set aside the enormous decision of the Resolution Professional wherein he has taken the members of the Committee of Creditors who have not voted, as dissenting voters.

e. Pass such other and further orders as may be deemed fit and proper in the facts and circumstances of the present case."

2. The Adjudicating Authority while passing impugned order dated 28th August, 2019 refused to exclude the period of 54 days.

3. Learned counsel for the Appellant submits that the 'Committee of Creditors' has already taken into consideration the third proviso of Section 12 inserted vide Gazette Notification dated 6th August, 2019 which came into force on 16th August, 2019 for allowing 90 days.

4. Mr. Anurag Bhatt, learned counsel for the 'Resolution Professional' along with Mr. Akash Shingal appeared. They also want that the time should be allowed to take the plan of the Appellant and other Plan(s) by the Committee of Creditors, as approved by the 'Committee of Creditors.'

5. Section 12 has been amended which described time limit for completion of 'Corporate Insolvency Resolution Process' which has been amended by addition of two more proviso to sub-section (3) of Section 12 which can be stated to be second and third proviso. This has come into force w.e.f. 16th August, 2019 vide SO No. 2953E. The amended provision now reads as follows:-

"Section 12. Time limit for completion of Insolvency resolution process

(1) Subject to sub-section (2), the corporate insolvency resolution process shall be completed within a period of one hundred and eighty days from the date of admission of the application to initiate such process.

(2) The resolution professional shall file an application to the Adjudicating Authority to extend the period of the corporate insolvency resolution process beyond one hundred and eighty days, if instructed to be do so by a resolution passed at a meeting of the committee of creditors by a vote of [sixty-six] percent of the voting shares.

(3) On receipt of an application under sub-section (2), if the Adjudicating Authority is satisfied that the subject matter of the case is such that corporate insolvency resolution process cannot be completed within one hundred and eighty days, it may by order extend the duration of such process beyond one hundred and eighty days by such further period as it thinks fit, but not exceeding ninety days:

6. Provided that any extension of the period of corporate insolvency resolution process under this section shall not be granted more than once:

7. [Provided FURTHER that the corporate insolvency resolution process shall mandatorily be completed within a period of three hundred and thirty days from the insolvency commencement date, including any extension of the period of corporate insolvency resolution process granted under this section and the time taken in legal proceedings in relation to such resolution process of the corporate debtor:

8. Provided ALSO that where the insolvency resolution process of a corporate debtor is pending and has not been completed within the period referred to in the second proviso, such resolution process shall be completed within a period of ninety days from the date of commencement of the Insolvency and Bankruptcy Code (Amendment Act, 2019]"

9. In terms of third proviso of sub-section (3) of Section 12, as we find that the 'Corporate Insolvency Resolution Process' of the 'Corporate Debtor' is pending and has not been completed within the period referred to in the second proviso, we hold that the 'Corporate Insolvency Resolution Process' is to be completed within another period of 90 days from the date of commencement of Insolvency & Bankruptcy Code (Amendment Act, 2019) i.e. w.e.f. 16th August, 2019.

10. In view of the fact that the period has been extended for another 90 days in the present case in view of third proviso to sub-section (3) of Section 12, we set aside the impugned order and allow the 'Resolution Applicant to move before the 'Committee of Creditors' and 'Resolution Professional and d

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irect completing of the process within 90 days from the date of commencement of Insolvency & Bankruptcy Code (Amendment Act, 2019) i.e. w.e.f. 16th August, 2019. 11. A 'Resolution Plan' submitted by the 'Resolution Applicant' or any other person, the 'Committee of Creditors' while considering the same may pass appropriate orders in accordance with law preferably within 30 days and will place the matter before the Adjudicating Authority for appropriate orders u/s 31 of the 'I&B' Code. 12. The appeal is allowed with aforesaid observations.
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