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2020 (2) TMI 1390 - Tri - Insolvency and BankruptcyExtension of 50 days in the CIR Process period - Section 60(5) of Insolvency and Bankruptcy Code, 2016 - HELD THAT:- In the present case, the significant time being consumed in the litigation, which was beyond the control of the IRP, and the fact that it has the possibility of Resolution, the Application merits consideration. Further, the rejection of the present Application shall result in Liquidation of the Corporate Debtor, which is not the objective of IBC, if a resolution is a possibility - Considering the facts and the Resolution made by the COC in its meeting dated 28.01.2020, this Bench extends the CIR Process of the Corporate Debtor M/s. Alpine Realtech Private Limited by another 50 days from today, which will be the final opportunity to reach a Resolution, if any. Application allowed.
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