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2019 (11) TMI 1623 - Tri - Insolvency and BankruptcySeeking extension of 45 days time for completion of the corporate insolvency resolution process of the corporate debtor (By RP on instructions of the committee of creditors of the corporate debtor) - HELD THAT:- The resolution professional has filed the instant application before this hon'ble Adjudicating Authority for seeking extension of time by 45 days beyond the period of 330 days wherein the CIRP period of the corporate debtor is coming to an end on November 14, 2019. The application is supported by the resolution passed by the CoC in its 15th meeting held on November 8, 2019 - in view of the latest decision of COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA & OTHERS [2019 (11) TMI 731 - SUPREME COURT] the hon'ble apex court held that the CIRP may be extended even beyond the period of 330 days and shows that is not the mandatory provision of the law rather is the discretion of the Adjudicating Authority to extend the period of 330 days for the completion of CIRP. We have gone through the grounds on which the RP has claimed extension period of CIRP. One of the grounds on which the RP claimed exclusion/extension of period of CIRP, is that in the meeting of CoC held on November 8, 2019 it was unanimously resolved that the RP is authorized to file an application with the hon'ble National Company Law Tribunal for seeking exclusion/extension of the CIRP period of 45 days and the reason for filing an application for exclusion/extension of CIRP period is for RP has received two resolution plans and members presented in the meeting are not authorized to take decision, CoC members are required to send the proposal to their respective competent authority and needed approx. 15 to 20 days to complete before voting. There is no dispute that this Adjudicating Authority, in the light of the decisions passed by the hon'ble apex court in Committee of Creditors of Essar Steel India Ltd. v. Satish Kumar Gupta, is empowered to exclude/extend the period of CIRP beyond 330 days but the embargo has already been imposed by the hon'ble apex court while exercising this power and the embargo is, it is only in "exceptional cases". The time can be extended. The general rule being that 330 days is the outer limit within which resolution of the assets of the corporate debtor. Thus, it is not a ground on which this Adjudicating Authority will exercise its power in view of the decision of Committee of Creditors of Essar Steel India Ltd. v. Satish Kumar Gupta - the prayer to extend the CIRP is hereby rejected.
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