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2020 (6) TMI 754 - AT - Insolvency and BankruptcyDelay of 10 days in filing the Resolution Plan application - Section 31 of the ‘Insolvency and Bankruptcy Code, 2016 - HELD THAT:- Admittedly, the ‘resolution plan’ of Mr. Surender Kumar Chawla has been approved by the ‘Committee of Creditors’ within the extended timelines duly allowed by this Appellate Tribunal and the process of the approval of the ‘resolution plan’ of Mr. Surender Kumar Chawla by the ‘Committee of Creditors’ was completed within the extended period as allowed by this Appellate Tribunal - However, since only one day was left for the ‘Resolution Professional’ to file an application under Section 31 of the ‘I&B Code’ for placing the approved ‘resolution plan’ before the Adjudicating Authority for approval which despite diligence and best efforts on his part was improbable as he was left only with one day to complete all legal formalities including seeking performance guarantee in terms of the approved ‘resolution plan’, further extension of time by 10 days enabling the ‘Resolution Professional’ to seek approval of the ‘resolution plan’ from the Adjudicating Authority is warranted. This is a fit case for exercising the jurisdiction by this Appellate Tribunal being an exceptional case to depart from the general rule of 330 days being outer limit prescribed under the law for completion of the ‘corporate insolvency resolution process’ inclusive of period of judicial intervention - Refusal to exercise discretion by the Adjudicating Authority, has resulted in miscarriage of justice and frustrating the object of the ‘I&B Code’ - Appeal allowed.
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