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2019 (10) TMI 54 - Tri - Insolvency and BankruptcyAdmissibility of petition - initiation of CIRP - Time limitation - Section 12(2) and (3) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The present application by the RP under Section 12(2) of the Code is filed under instructions of the CoC by a vote of more than 66% of the voting share. Therefore, the conditions provided for by Section 12(2) of the Code are satisfied. We have also examined the minutes of the 3th meeting of CoC held on 08.05.2019 (agenda Item No. 9) and find that the Information Memorandum is stated to be prepared and Expression of Interest (EOI) if proposed to be issued. We are satisfied that the subject matter of the case is such that the CIRP cannot be completed within 180 days and we extend the period of CIRP by further 90 days from the date of expiry of 180 days computed from the date of admission of the petition under Section 9 of the Code. In the present case, we have granted extension of 90 days for completion of CIRP. Therefore, sufficient time is presently available for publishing form G, invitation of EOI and taking further steps for receipt of resolution plans and consideration of the resolution plans. The application for exclusion is therefore pre-mature and is not being examined presently and is not being presently acceded to. The RP should make determined efforts to ensure that the CIRP is completed within the extended time and in case of inability beyond his control, the RP will be at liberty to file application for exclusion which will then be considered on merits. Application disposed off.
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