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2019 (7) TMI 833 - Tri - Insolvency and BankruptcyExclusion of period for which the process of corporate resolution process could not be carried out for reasons and circumstances beyond the control of the applicant as well as the Committee of Creditors (CoC) of the corporate debtor - Section 7 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- It is strange that when total CIRP is for 270 days (including 90 days) how a RP can expect the extension of another 294 days which is not the mandate of law. It is pertinent to mention herein that IRP or RP was never restrained by this bench to perform his duties during CIRP period. Further, CIRP is time bound proceeding, which has to be completed in a time-bound manner. More so even the Hon'ble Apex Court has observed time and again that time is the essence of Code and it has to be completed within 270 days only. Under such circumstances further prayer for extension of time for another 294 days is not justifiable. That very act itself shows that the RP has not performed his duties diligently. If no resolution plan is received and/or approved, then the only option left is to go for liquidation. The period from the date of filing of the application under Section 27 of the Code till approval of the appointment of the RP by this Adjudicating Authority from 14.02.2018 to 02.04.2018 i.e. 47 days is extended - the period from which the instant application is pending is also exempted - application allowed in part.
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