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2018 (12) TMI 1807 - Tri - Insolvency and BankruptcyApproval of Resolution plan - CIRP Process - time limitation to complete the entire process - HELD THAT:- The only one Resolution Plan submitted before the consideration of the committee of Creditors has not been seriously dealt with in the time frame. If the COC and RP would have taken adequate care to have negotiation with the resolution applicant day by day, bearing in mind the very object of the Code which is Resolution and maximisation of value, chances of success in having a resolution in the case in hand was not too remote. The laxity in dealing with negotiation with the resolution applicant for having a resolution is visible from the mode of discussion process entertained by the COC in the case in hand. Thereby, the chance of revival has been blocked. The period of CIRP cannot be extended for any reasons advanced on the side of the Ld. RP as well as on the side of the Resolution Applicant, as Section 12 mandates, no further extension beyond 270 days is to be granted in the like case - Having failed in obtaining the Resolution Plan within the mandatory period of 270 days and since the Committee of Creditors has decided to have liquidation of the Corporate debtor, I have no other alternative than to pass an order requiring the Corporate Debtor to be liquidated in the manner as laid down in the Chapter Ill read with Section 33 of the I&B code, 2016. Application dismissed.
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