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2018 (4) TMI 1809 - Tri - Insolvency and BankruptcyExtension of time period for CIRP - Section 12(2) of I&B Code - HELD THAT:- In the instant case two of the promoter-directors of the suspended Board of Directors of the corporate debtor have challenged the vires of amendment made in the Code debarring the promoter-directors from submitting the resolution plan and the Hon'ble High Court has directed the Tribunal not to pass final order in the matter. After the expiry of maximum period permitted for resolution plan, if no resolution plan is submitted for approval the only consequence is to pass the liquidation order. If there is a stay order passed by the Hon'ble High Court on 21.12.2017 a question may also arise whether the period during which the stay continues to operate can be excluded from the period of 270 permitted days. That issue may, however, arise in case where application is filed for approval of resolution plan or in case where the liquidation order of the corporate debtor is to be passed. The application filed by the Resolution Professional is accepted and it is directed that he shall continue with the resolution process till further orders of this Tribunal.
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