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2020 (9) TMI 10 - Tri - Insolvency and BankruptcyExclusion of certain period from Corporate Insolvency Resolution Process - Section 12 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- On perusal of the record it is found that CP (IB) 594 of 2018 was admitted by this Adjudicating Authority on 26.04.2019 and further, 90 days beyond 180 days was extended on 22.10.2019. The RP has moved this application for seeking exclusion for certain days as there is high probability of approval and/or acceptance of proposed Resolution Plan and thereby, the Corporate Debtor can be saved as a going concern. Looking to the very object of IB Code, CoC desires to get exclusion of certain period from the CIRP as there is every likelihood that some Resolution Plan will be accepted and/or approved by the CoC. In that event, a Corporate Debtor will be saved from Liquidation and more so, livelihood of number of employees' dependent on the Corporate Debtor will also be saved. A similar view is reiterated by the Hon'ble Supreme Court in Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta and Ors. [2019 (11) TMI 731 - SUPREME COURT] observed that even an extension beyond 330 days' timeline as specified in the IB Code can be granted by the Adjudicating Authority under exceptional circumstances. Under the given facts and circumstances as stated, if the time is extended within the outer limit of 330 days, there is every likelihood that some Resolution Applicant may succeed for its acceptance and approval - the application so filed by RP is allowed by excluding 41 i.e. 10 days from the date of admission of the Petition till the order being served upon the IRP, 17 days from stay on conducting CoC meeting and 15 days from the filing of the instant application till its pronouncement. Application allowed.
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