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2019 (3) TMI 1660 - Tri - Insolvency and BankruptcyInitiation of CIRP - Exclusion of time period - exclusion of period under section 60(5) (c) of IBC, 2016, read with Rule 14 and Rule 34 of NCLT Rules, 2016 - HELD THAT:- We have passed a detailed order for exclusion of 21 days, i.e. from 14.12.2018 to 3.1.2019 for computation of statutory period for completion of CIRP, i.e. 270 days. If the applicant is aggrieved by this order, she should have approached the Appellate Authority. However, during argument, when it was enquired to the RP whether any resolution plan is under consideration, then it was informed by the RP that at present no plan is under consideration and there is no hope for getting any proposal in future, even after extension of time. It is pertinent to mention that 270 days, even after exclusion of 21 days, has expired on 6.1.2019 - in no circumstances statutory period for completion of CIRP can be extended beyond 270 days - There is no justifiable ground for exclusion of further period. It is also important to point out that neither resolution plan is under consideration nor there is any possibility of any resolution shortly. Therefore, no question arises for granting further exclusion of any period for computation of 270 days, since no resolution plan is under consideration and the statutory period has been expired. Order of liquidation passed - moratorium declared.
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