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2020 (1) TMI 1336 - Tri - Insolvency and BankruptcyExclusion of certain period from Corporate Insolvency Resolution Process - Section 60(5) read with 12(3) of the Insolvency and Bankruptcy Code, 2016 and Rule 11 of the NCLT Rules 2016 - HELD THAT:- Looking to the very object of IB Code, CoC desires to get exclusion in the CIRP period as there is every likelihood that some Resolution Plan will be accepted and/or approved by the CoC. In that event, a Corporate Debtor will be saved from Liquidation and more so, livelihood of number of employees will also be saved as it is dependent on the Corporate Debtor. Hon'ble Supreme Court in Committee of Creditors of COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA & OTHERS [2019 (11) TMI 731 - SUPREME COURT] observed that even an extension beyond 330 days timeline as specified in the IB Code can be granted by the Adjudicating Authority under exceptional circumstances - the Supreme Court has observed that 330 days is the outer limit within which resolution of the stressed assets of the Corporate Debtor must take place. Thus, if the time is extended within the outer limit of 330 days, there is every likelihood that some Resolution Applicant may succeed for its acceptance and approval - the application so filed by RP is allowed by excluding 22 days from the CIRP period which was spent in negotiation with the prospective Resolution Applicants i.e. from 03.01.2020 to 24.01.2020.
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