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2019 (3) TMI 1190 - AT - Insolvency and BankruptcyCounting the total days permissible for completion of CIRP - Completion of CIRP process - 'exclude certain period' for the purpose of counting the total period of 270 days - RP seeking excluding the period from the date of pronouncement of the order and communication of the order to the ‘Interim Resolution Professional’ (IRP) i.e. from 25th March, 2018 to 6th April, 2018 for calculating the total period of 270 days of ‘corporate insolvency resolution process’ - the ‘Committee of Creditors’ decided to appoint Mr. Shailen Shah, as a Resolution Professional in place of Ms. Purnima Dhiraj Shetty. HELD THAT:- The earlier ‘Resolution Professional’ had not taken any effective steps due to which the ‘Committee of Creditors’ recommended to appoint the appellant on 15th June, 2018, and the appellant was intimated by the Adjudicating Authority on 16th August, 2018 and the matter is remained pending before the Adjudicating Authority for more than a month after which the order was passed on 6th August, 2018, we are of the view that the period between filing application for approval of the name of the appellant and date of communication of the order i.e.16th August, 2018 should be excluded for the purpose of counting the period of 270 days. This period for exclusion will be in addition to the exclusion of period as already made by the Adjudicating Authority by impugned order dated 26th October, 2018. We accordingly direct to exclude the aforesaid period for counting 270 days. The Resolution Professional will now take immediate steps to take up the matter with ‘Committee of Creditors’ and in turn the ‘Committee of Creditors’ will pass appropriate order under Section 30 in accordance with law and place its decision before the Adjudicating Authority for its decision.
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