JUDGEMENT

DR. ASHOK KUMAR MISHRA, TECHNICAL MEMBER

1. The present appeal has been filed by the ‘Appellant' under Section 61 of the ‘Insolvency and Bankruptcy Code, 2016’ (in short ‘Code’) against the impugned order dated 12.07.2021 passed by the ‘Adjudicating Authority’ (National Company Law Tribunal), Ahmedabad Bench – Court No. 1 in I.A No. 453(AHM) 2021 in CP(IB) 213 of 2018. 2. The ‘Adjudicating Authority’ in I.A No. 453(AHM) 2021 in CP(IB) 213 of 2018 has not granted exclusion of certain period of ‘Corporate Insolvency Resolution Process’ (CIRP) inspite of the Resolution passed by the 100 % voting share of the Committee of Creditors (CoC) of the Corporate Debtor (CD). The Adjudicating Authority while passing the impugned order has observed the followings :

“IA No. 453 of 2021 is filed by the Applicant for extension of period. In fact, we have already extended the period vide order dated 30.03.2021 in IA No. 179 of 2021. It appears from record that assets of the Corporate debtor attached by CBI and ED and they are not yet released. In such situation, we feel that CIRP cannot prolonged on such ground for indefinite period. This application stands disposed of. We direc