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2019 (7) TMI 835 - AT - Insolvency and BankruptcyValidity of Resolution Plan - time limitation - Resolution Professional moved application under Section 60(5) for exclusion of certain period for counting the statutory period for computation of Corporate Insolvency Resolution Process period, wherein only three days has been excluded - HELD THAT:- The resolution process is made successful and not to allow the Corporate Debtor to be liquidated, the delay which took place during the pendency of the application for replacement of the Interim Resolution Professional before the Adjudicating Authority should be excluded for the purpose of counting 270 days of Corporate Insolvency Resolution Process period. The Resolution Professional and the Committee of Creditors are allowed 89 days to conclude the Corporate Insolvency Resolution Process, to be counted from the date of receipt of free certified copy of the present order by learned counsel for the Resolution Professional. It is for the Committee of Creditors to decide whether further Information Memorandum should be issued calling for more Resolution plans or to ask the Resolution Applicant who has already submitted the Expression of Interest to submit the Resolution Plan. Appeal disposed off.
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