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2019 (11) TMI 1469 - Tri - Insolvency and BankruptcyExclusion of time period from CIRP period - exclusion of the time on account of litigation - extension of time by three months beyond the Corporate Insolvency Resolution Profession (CIRP) period of 270 days - HELD THAT:- The facts as stated by the applicant clearly shows that after the expiry of 270th day and after the original plan of Ms. Seema Rana was rejected in voting by the COC, the COC received the revised plan of H1 Ms. Seema Rana and also put for voting for approval, though the said action is not permissible under the Code. But the plan submitted by M/s. INR Constructions was not considered on the ground that the same was submitted beyond the last date. The said action of COC is self-contradictory and discriminatory. In cases where CIRP is pending and has not been completed within the period of 330 days the 3rd proviso to Section 12 is applicable. The R.P. shall convene a meeting of the COC and place the Revised Resolution Plan of H1 Ms. Seema Rana and also the resolution plan of M/s. INR Constructions before COC, which consider both the plans and vote upon the same and take appropriate decision either for approving either of the resolution plans or for liquidation of the corporate debtor. In accordance with Section 30(5) of the Code, both the resolution applicants may be allowed to attend the meeting of the COC but shall not have right to vote at the meeting - entire exercise including filing of an application under Section 31 or under 33, as the case may be, shall be completed within a period of 90 days from the commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019 as provided for in the third proviso to Section 12(3) of the Code - Application disposed off.
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