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2018 (1) TMI 1655 - NATIONAL COMPANY LAW TRIBUNAL SPECIAL BENCH NEW DELHISeeking for extension of time from 180 days to 270 days - Application filed by present RP - HELD THAT:- I is represented by the present RP that the present application has been necessitated in view of the fact that 90 days period is also expiring on 28.1.2018 and has sought for further extension of period by 90 days to be calculated from the date of the pronouncement of order i.e. 16.01.2018. However, in this respect the Resolution Professional has invoked Rule 11 of NCLT Rules, 2016 read with Rule 51 of NCLT Rules, 2016 seeking for modification under the provisions of IBC under Section 12(2) read with Regulation 40(2) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. Perusal of Section 12(2) of the IBC, 2016 shows that this Tribunal has got the power to extend the period of CIRP beyond 180 days based on a resolution passed by the Committee of Creditors with a vote of 75%. Further perusal of Section 12(3) shows that this Tribunal has got power to extend the time period by 90 days beyond 180 days and not exceeding the said extended period of 270 days. Since the time limit beyond 270 days cannot be extended for completing the CIRP process, this Tribunal is not in a position to allow the prayer as sought for by the Resolution Professional and hence in the circumstances the application is dismissed and the Resolution Professional is directed to complete the CIRP process within the extended period of 90 days. Application dismissed.
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