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2021 (9) TMI 1325 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCHSeeking extension of CIRP period - seeking extension beyond 330 days - more than 730 days have passed since the commencement of the CIRP in the Corporate Debtor company - Section 12(3) of IBC, 2016 - HELD THAT:- In terms of Section 12(3) of IBC, 2016, the CIRP of the Corporate Debtor has to be mandatorily completed within maximum of 330 days from the Insolvency commencement date including all extensions and also time taking in legal proceedings in relation to the resolution therefore, the Bench notes that as per the law the Bench cannot extend the CIRP period beyond 330 days. In the extant case also admittedly more than 330 days even after all exclusions and extensions under Code is over. The Bench notes that Hon’ble Supreme Court in the case of Essar Steel Vs. Satish Gupta [2019 (11) TMI 731 - SUPREME COURT] has mentioned that the CIRP must be completed in 330 days, however, if it can be demonstrated to the Tribunal that only a short period is left for completion of the CIRP beyond 330 days then only the Adjudicating Authority may decide to extend time limit for a short period beyond 330 days. The Bench further notes that in the instant case, even after more than 730 days, there is no sight of completion of CIRP and the RP and COC want to merely explore the possibility of Resolution. From this the Bench concludes that no Resolution of the Corporate Debtor Company is insight. The application filed by the RP for extension of the CIRP Period beyond more than 730 days for further exploring possibility of resolution of the Corporate Debtor Company is dismissed.
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