2020 (9) TMI 792 - NATIONAL COMPANY LAW TRIBUNAL , HYDERABAD BENCH - Insolvency & Bankruptcy

Head Note / Extract:
Exclusion of period of 7 days from CIRP end date i.e., 06.02.2020 for the purpose of approving Resolution Plan - HELD THAT:- Considering the submissions, facts and circumstances of case, stage of CIRP, and in view of the decision of CoC in its 9th meeting, this Adjudicating Authority observes that only a short time period is left for completion of CIRP and it would be in the interest of all stakeholders to allow the completion of CIRP rather than going for liquidation of the Corporate Debtor. Accordingly, it is approved to exclude a period of another 7 days from calculation of CIRP period which is ending on 06.02.2020. As such the applicant will have another 7 days w.e.f. 07.02.2020, for completion of CIRP process of the Corporate Debtor. This exclusion is granted on having considered the steps already taken by the RP and the current stage of CIRP in the case of the present Corporate Debtor i.e., M/s. Indu Projects Limited. Application disposed off.