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2020 (1) TMI 1376 - Tri - Insolvency and BankruptcySeeking grant of extension of 60 days in CIRP time period beyond 330 days - Rule 11 of NCLT rules 2016 read with Section 60(5)(c), 12(3) of Insolvency and Bankruptcy Code, 2016 - HELD THAT:- In the present case the Committee of Creditors in its 13th meeting held on 16.12.2019 with 72.40% vote share approved resolution for extension of 60 days of Insolvency Resolution Period mainly on the ground that the resolution plan is under consideration of CoC. It is mentioned in the minutes that the resolution plan is on the verge of finalization and may take another one month to finalize to the resolution plan in respect of the corporate debtor. In the facts the Corporate Insolvency Resolution Process period in the present case is further extended by 60 days from 01.01.2020. 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. List on 28.01.2020.
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