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NCLT excludes 90 days from stipulated period of CIRP in Jaypee case

July 30, 2019[2019] 107 469 (NCLAT- New Delhi)

IBC: Where in corporate insolvency resolution process of Jaypee Infratech Ltd. (corporate debtor) Resolution Professional sought exclusion of period from 17-9-2018 to 4-6-2019 during which matter remained pending for consideration before Adjudicating Authority relating to voting share of allottees for purpose of counting 270 days, period from 17-9-2018 i.e. date of application filed by Association of allottees for clarification and till final decision on 4-6-2019 i.e. date matter was finally decided by Third Member (Total 260 days), could be excluded for purpose of counting 270 days, however, as matter was pending since long, total period of 260 days was not excluded but 90 days were excluded for purpose of counting period of 270 days of corporate insolvency resolution process

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