NCLT allows exclusion of over 100 days from HDIL’s resolution process
The dedicated bankruptcy court has allowed exclusion of around 106 days from the corporate insolvency resolution process (CIRP) of Housing Development and Infrastructure (HDIL).
On Monday, a counsel for the company’s resolution professional (RP) informed the National Company Law Tribunal (NCLT) that since the promoters had challenged the order of NCLT at the National Company Law Appellate Tribunal (NCLAT), that time can be excluded from CIRP.
“We are seeking exclusion of about 106 days, which will help us to complete the time-bound process smoothly,” Abhay Narayan Manudhane, the resolution professional, said through his counsel. “In September, NCLAT had stayed the formation of the committee of creditors of the company, but subsequently that stay was lifted in the month of December and that time we are seeking to be excluded from CIRP.”
Allowing this plea, the division bench of Mumbai NCLT, comprising Bhaskara Pantula Mohan and Shyam Babu Gautam, directed the resolution professional to exclude the time from September 3, 2019, to December 19, 2019, and posted the case for further hearing on March. This comes as a relief to the company, given that there is a time limit for completion of CIRP.