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2019 (6) TMI 1406 - NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH, CHENNAILiquidation order - Extension of CIRP - exclusion of 43 days from the total time period of 270 days of CIRP - HELD THAT:- Since the CoC has not been restrained by the Adjudicating Authority or by any external agency from taking a decision over the Resolution Plan pending before the CoC, the facts herein do not deserve either for exclusion of CIRP period or for extension of CIRP period as prayed in this application. It is a fit case for liquidation on two grounds- (i) CIRP Period of 270 days is over (ii) even in the event of liquidation is ordered, it is still open to the Liquidator to sell the Corporate Debtor as a going concern. Normally, the Resolution Plan is viable if the Resolution Plan Value is more than Liquidation Value, in this case, one - Plan is not approved by the CoC till date, two - the Resolution Plan value is far below to the liquidation value, three - not taking a decision by the CoC without any reason will not become a reason for exclusion of the time period from the CIRP period. Besides this, CoC has not even passed a resolution seeking exclusion or extension of time as prayed by the Resolution Professional. This application for exclusion is hereby dismissed.
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