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2021 (8) TMI 1269 - NATIONAL COMPANY LAW TRIBUNAL, CHENNAISeeking exclusion of time of 165 days from the timelines prescribed under the Code - seeking to grant an additional time period of 15 days as extension of the CIRP period for the Corporate Debtor - seeking to exclude the time period, until the date of disposing of this Application - HELD THAT:- It is seen that extension of CIRP in relation to the Corporate Debtor is not only granted once, but twice in the present matter - Further, the exclusion as sought for by the Applicant is for a total of 165 days and also the Applicant has sought for an extension of 15 days. As to the facts of the present case, already two time exclusion has been sought and given for to the Applicant in relation to the CIRP. Hence, the exclusion as sought by the Applicant for any period before 31.05.2021 as adumbrated in the table supra cannot be granted by this Adjudicating Authority. However, due to the second wave of Covid-19 which was prevailing in the country, nationwide lockdown was imposed on 08.05.2021, which was full lifted only on 27.06.2021. Hence as per Section 40C of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the said period from 08.05.2021 till 27.06.2021 can be excluded from the CIRP timelines. Further, the present Application was filed before this Tribunal on 25.05.2021 and till the date it was pending i.e. 30.07.2021 can be excluded from the CIRP timelines. Thus, a total of 83 days can be excluded from the CIRP timelines. If the said 83 days are excluded the CIRP in relation to the Corporate Debtor would come to an end on 22.08.2021. The CIRP in relation to the Corporate Debtor is extended only upto 22.08.2021 and the Applicant is required to finalize the accounts of the Corporate Debtor and also as per the order dated 26.02.2021 the Applicant may file an Application for liquidation after the expiry of the said period in terms of Section 33 of IBC, 2016 - Application allowed.
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