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2020 (1) TMI 1222 - Tri - Insolvency and BankruptcyExtension of CIRP period by 90 days beyond 180 days which is due to expire on 5th January, 2020 - Section 12(2) of read with Regulation 40 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulation, 2016 - HELD THAT:- In the 6th COC meeting dated 22.11.2019, the member of the COC, in order to keep the Corporate debtor as going concern and for issuance of fresh FORM G; the committee of creditors with 100% voting in favour has considered and approved the extension of CIRP period beyond the existing period of 180 days and to file an application before this Adjudicating Authority for extension of CIRP for another 90 days, beyond a period of 180 days in line with the provisions of Section 12(2) of the Insolvency & Bankruptcy Code(Amendment) Act, 2019. Thus, a period of 90 days to be extended for in order to complete the CIRP - the judgment which can be relied upon of Hon'ble Supreme Court In the matter of Swiss Ribbons Private, Limited. And Others v. Union of India and Others [2019 (1) TMI 1508 - SUPREME COURT] contending that if the time sought for by the Corporate Debtor to end of the CIRP is not granted then the consequence for the Corporate Debtor is to go for liquidation which is not at all the objective of the Code. This Authority is of the considered view that the circumstances justify the extension of 90 days beyond 180 days - application is disposed of, extending 90 days from the date on which the CIRP is going to expire i.e. 5th January, 2020 - List on 28.01.2020 for filing of the progress report.
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