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2020 (8) TMI 887 - AT - Insolvency and BankruptcySeeking extension of time to submit Resolution Plan alongwith Expression of Interest (EOI) - HELD THAT:- Section 12 of the IBC, 2016 provides for a time line of 180 days for completion of CIRP and even if we consider extended period it is another 90 days and hence within 270 days the CIRP should be completed - Although it is directory that CIRP can be completed upto a period of 330 days or so which is largely to consider the time frame of judicial process. Hence, practically all attempt be made to complete the CIRP within 270 days. In the present case already two Resolution Plans have been received and hence the aspect of competitive bidding is complied with, if the present Appellant is permitted, it will open a floodgate for such applications & will derail CIRP & purpose of IBC, not only in this case but in other cases also. Appeal dismissed.
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