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2019 (11) TMI 1470 - Tri - Insolvency and BankruptcyExtension of CIRP period - extension of 45 days for completion of CIRP - HELD THAT:- Though ordinarily the CIR Process has to be completed within the period of 330 days, however, under certain exceptional circumstance, one being that, if the Applicant is able to show to this Authority that only a short period is left for completion of the CIR Process beyond 330 days and that in the interest of all stakeholders to the Corporate Debtor be put back on its feet instead of being sent into liquidation, this Authority in its discretion can extend the period of CIR Process of the Corporate Debtor. From the averments made by the Applicant in the Application, it is evident that the Applicant has already received a Resolution Plan from CSL in relation to the Corporate Debtor It is also pointed out that the Corporate Debtor is engaged in the high niche area. However, it is also pointed out that there is likelihood of more Resolution Applicants also filing the Resolution Plans, all of which will enable the Corporate Debtor to resolve its Insolvency instead of letting the Corporate Debtor into Liquidation. This Application stands allowed and the period of CIR Process is extended by a further period of 45 days as sought for by the Applicant - Application allowed.
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