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IA(I.B.C)/1837(KB)2024

An application under Section 12(2) read with Section 60(5) of the Insolvency & Bankruptcy Code, 2016 and Rule 11 of the National

Company Law Tribunal Rules, 2016;

IN THE MATTER OF:

REC LIMITED;

... FINANCIAL CREDITOR

-Versus-

HIRANMAYE ENERGY LIMITED;

... CORPORATE DEBTOR

-And-

IN THE MATTER OF:

BHUVAN MADAN

... APPLICANT

Date of pronouncement of the Order: 04.10.2024

CORAM:

SMT. BIDISHA BANERJEE, HON’BLE MEMBER (JUDICIAL)

SHRI D. ARVIND, HON’BLE MEMBER (TECHNICAL)

Appearance (via video conferencing/physically):

Mrs. Manju Bhuteria, Adv. ] For the Interim Resolution Professional

Mr. M. Kanoria, Adv. ] Mrs. S. Bhattacharya, Adv. ] Ms. Rituparna Chatterjee, Adv.] Ms. Arundhati Barman, Adv. ] Mr. Abhijit Kashyap, Adv. ]

Mr. Dipankar Majumdar, Adv. ] For the Applicant in IA(I.B.C)/1831(KB)2024

Mr. S. Chakraborty, Adv. ]

in IA(I.B.C)/1837(KB)2024 ________________________________________________________________________________________________________________

Mr. Joy Saha, Sr. Adv. ] In IA(I.B.C)/1837(KB)2024

ORDER

Per: D. Arvind, Member (Technical)

1. This Court is congregated through hybrid mode

2. Learned Sr. Counsel/Counsels appearing on behalf of the parties were heard in extenso.

3. This application being IA(I.B.C)/1837(KB)2024 has been preferred by Bhuvan Madan, the Interim Resolution Professional of the Corporate Debtor, herein, Hiranmaye Energy Limited seeking for the following relief(s), inter alia: -

3.1 Allow the present Application and to exclude the time period between May 24, 2024 to June 21, 2024 and July 1, 2024 to July 10, 2024 from the CIRP period of the Corporate Debtor, during which the CIRP of the Corporate Debtor was kept in abeyance by this Tribunal; and

3.2 Pass such appropriate directions and orders as this Tribunal may deem fit and appropriate in the given facts and circumstances of the case.

4. Factual matrix of the case is as under: -

4.1 On January 02, 2024 this Tribunal passed an Order under Section 7 of the Insolvency & Bankruptcy Code, 2016 based on an application made by REC Limited, herein, the Financial Creditor admitting Hiranmaye Energy Limited, the Corporate Debtor into Corporate Insolvency Resolution Process in terms of the IB Code.

in IA(I.B.C)/1837(KB)2024 ________________________________________________________________________________________________________________

4.2 Based on an application made by Power Trust (the erstwhile promoter of the Corporate Debtor) this Tribunal vide Order dated May 24, 2024 directed the Committee of Creditors (in short “CoC”) of the Corporate Debtor to consider settlement proposal submitted by Power Trust and stayed the operations of the CIRP and, consequently, the CIRP was stayed between May 24, 2024 to June 21, 2024.

4.3 Since the settlement proposal submitted was rejected by CoC of the Corporate Debtor Power Trust filed another application bearing IA No. 1178 of 2024 before this Tribunal seeking extension of stay of the CIRP of Corporate Debtor by a period of 6 weeks. This Bench on June 21, 2024 heard the parties and reserved for Order(s).

4.4 In light of rejection of the OTS proposal, CoC in its 7^th meeting held on June 27, 2024 decided that stay imposed by this Tribunal vide Order dated May 24, 2024 is no longer operative and CIRP of the Corporate Debtor may continue.

4.5 Therefore, the applicant is seeking exclusion of the time period between May 24, 2024 to June 21, 2024 and July 1, 2024 to July

10, 2024 be excluded from the computation of the CIRP period.

4.6 Thereafter, CIRP of the Corporate Debtor was again kept on abeyance for the second time vide Order dated July 01, 2024 passed by this Bench in IA No. 1049 of 2024 and IA No. 1178 of 2024, whereby this Bench stayed the CIRP of the Corporate debtor till a decision is taken by the COC on the revised OTS proposal submitted by Power Trust. Against this Order, the CoC Interim Resolution Professional filed an appeal being CA(AT) 1295 of 2024 before Hon’ble NCLAT. The Hon’ble NCLAT vide Order in IA(I.B.C)/1837(KB)2024