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2020 (3) TMI 1263 - Tri - Insolvency and BankruptcyExtension of 45 days of CIRP period beyond 330 days - Rule 11 of NCLT rules 2016 read with Section 60(5)(C) and 12(3) of Insolvency and Bankruptcy Code, 2016 - HELD THAT:- In the present case the Committee of Creditors in its 13th meeting with 85% vote share voted during 6th -7th February, 2020 approved resolution for extension of 45 days of Insolvency Resolution Period mainly on the ground that the resolution plan is under consideration of Committee of Creditors. It is mentioned in the minutes that the resolution plan is on the verge of finalization and may take another one month to arrive at a viable resolution plan in respect of the corporate debtor - In the facts and in order to explore the possibility of achieving successful insolvency resolution and to avoid liquidation of the corporate debtor; the Corporate Insolvency Resolution Process period in the present case is further extended by 45 days from the date of this order. The Resolution Professional and the members of Committee of Creditors are directed to expedite the possibility of achieving resolution of the stressed assets of the corporate debtor within the extended period. Application allowed.
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