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2020 (1) TMI 1349 - Tri - Insolvency and BankruptcySeeking for extension of time of the Corporate Insolvency Resolution Process - Section 12(2) & (3) of the Insolvency and Bankruptcy Code, 2016 and Regulation 40 of IBBI (Insolvency Resolution Process of Corporate Persons) Regulations, 2016 r/w. attendant Rules & Regulations - HELD THAT:- Taking in to consideration the above order passed by the Hon'ble Supreme Court of India in DR. ESTHER MALINI VICTOR VERSUS ORIENTAL BANK OF COMMERCE AND ORS. [2019 (10) TMI 1372 - SC ORDER] it is represented by the Learned Counsel for the Applicant/RP that the CoC in its meeting dated 24.12.2019 and consequent to the e-voting a resolution was unanimously passed on 07.01.2020 and approved the resolution seeking for extension of time before this Tribunal under relevant provisions of IBC, 2016. In view of the averments made in the application and the submissions made by the Learned Counsel for the Applicant/RP and also taking into consideration the order passed by the Hon'ble Supreme Court of India dated 25.10.2019, wherein the RP is directed to keep the company as a going concern, the CIRP is hereby extended by a further period of 90 days with effect from 13.01.2020 - Application allowed.
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