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2019 (5) TMI 1684 - Tri - Insolvency and BankruptcyExclusion of period when ex-promoters / directors have not been co-operating with the Resolution Professional - HELD THAT:- As a matter of fact, application was filed on 25.10.2018 and the proceeding with regard co-operation by the ex-promoters/ directors are still pending as the necessary information / documents and record is yet to be furnished in its entirety. Therefore, the COC has thought it fit to authorise the resolution professionals to move for such application. Moreover, the period of 270 days will come to an end on 1 1.05.2019 and possibility of getting a resolution plan resulting in reasonable settlement of the creditors dues is most probable. Accordingly, we find that the prayer for extension of time from 25.05.2018 to till date is meritorious and the same is accepted - the period from 25.05.2018 to till date shall be excluded from the period of 270 days and resolution may be expedited. Application disposed off.
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