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2019 (10) TMI 1112 - AT - Insolvency and BankruptcyValidity of Resolution plan - Extension of CIRP - Exclusion of certain period - the ‘Committee of Creditors’ would not consider the ‘Resolution Plan’ due to completion of the ‘Corporate Insolvency Resolution Process’ period of 270 days - Section 60(5) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- In the present case, the Appellant has not challenged the order dated 20th February, 2019 whereby 90 days’ period was granted from retrospective date. In such circumstances, we are not inclined to deliberate on the issue whether the extension of 90 days from the retrospective date is right or wrong in absence of such challenge. Now 270 days is being over as per calculation on the basis of the order of extension, we hold that in absence of any other reason, the Adjudicating Authority has rightly rejected the application for exclusion of certain period. From the impugned order, it will be evident that the Adjudicating Authority has noticed that even during liquidation it is still open to the liquidator to sell the ‘Corporate Debtor’ as a going concern - In the present case, no order of liquidation has been passed but we accepted that the period of ‘Corporate Insolvency Resolution Process’ is completed, appropriate order is required to be passed by the Adjudicating Authority. Even if an order of liquidation is passed by the Adjudicating Authority, in such case, the liquidator is to follow the procedure laid down under Section 230 of the Companies Act, 2013. Appeal disposed off.
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