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For those who want to exclude the number of days spent in legal proceedings, for the purpose of calculating the Corporate Insolvency Resolution Procedure (CIRP), the National Company Law Appellate Tribunal (NCLAT) has set a positive precedent in the case of Anil Tayal Vs Committee of Creditors for Horizon Buildcon .
The Tribunal is “of the considered opinion that the period of judicial intervention is justifiably required to be excluded while counting and computing the period of CIRP.”
In the present case, it allowed the days consumed in two activities for such exclusion — the period covering the time spent in pursuing the extension application and the period for which the orders were reserved by the Adjudicating Authority on the application.
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