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2019 (6) TMI 1556 - Tri - Insolvency and BankruptcyExclusion of 210 days for the purpose of calculation of CIRP period - HELD THAT:- Considering the peculiar circumstances of this case i.e. litigation pertaining to the assets of the Corporate Debtor is still going on due to which a resolution plan could not be obtained by the Resolution Professional, natural justice demands to give more time to make an attempt to invite an acceptable resolution plan. Side by side, the RP shall also try to resolve with the Societies a workable solution so that the grievance of the Home Buyers be redressed. However, it is expected that the Ld. RP shall expeditiously comply with the directions. It is hereby held that the period of 210 days cannot be allowed and the same is hereby restricted to 150 days, because sufficient time had already been granted for completion of the insolvency process. This Application (MA 1616/2019) is partly allowed to be operative retrospectively w.e.f. 28.04.2019 for the purpose of calculation of 150 days as curtailed by this order. The Resolution Professional shall complete the process as early as possible and inform the progress on the next date of hearing, listed for 22.07.2019.
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