ORDER

(Hybrid Mode)

02.07.2024:

These two Appeals being CA (AT) (Ins) No. 1116/2020 & CA (AT) (Ins) No. 1097/2020, involve consideration of the same question of facts and law and hence for the purpose of brevity, they are being taken up together. In the connected Appeal, the Appellant has filed an Intervention Application, being IA No. 670/2021 & IA No. 671/2021, and the same has been sought to be withdrawn. Hence the same is accordingly directed to be dismissed as withdrawn.

In both the Appeals, the issues coming forth from the respective arguments as extended by the counsels, are as to what would be the rational interpretations to be given to Section 12 and especially the 2^nd proviso to it of the Insolvency and Bankruptcy Code, 2016 , for the purposes of extension of time towards completion of the CIRP proceedings and how such can be undertaken under provisions contained under Section 60 (5) of the Code.

Another very important issue which involves consideration is as to how the term “legal proceedings” would be construed for the purposes of extension of time, in the context of the provisions contained under 2^nd proviso to Section 12 (2), and whether the pendency of proceedings for t