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2020 (9) TMI 1071 - Tri - Insolvency and BankruptcyAdditional time period of 75 days sought for completion of the CIRP - permission to CoC members, who abstained from voting to submit their vote on approval of the resolution plan or liquidation of the corporate debtor - HELD THAT:- The Code has provided certain timelines for completion of the CIRP with a specific object and purpose. The Hon'ble Apex Court in the matter of COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA & OTHERS [2019 (11) TMI 731 - SUPREME COURT] held that 330 days is not mandatory and in exceptional cases, and where the circumstances warrant, the same can be extended for a further reasonable period. But in the instant case, one of the CoC member, i.e. SBI when this Adjudicating Authority specifically provided opportunity to consider the resolution plan of Maritime Trade Corporation by extending time and by issuing certain specific directions, having failed to act and having allowed to lapse the maximum period provided under the Code, now through the resolution professional seeking extension of further time and also for issuance of further directions for convening of the meeting of the CoC for consideration of the resolution for approval of the resolution plan of the Maritime Trade Corporation. Let the resolution professional take out the notice to State Bank of India and serve the same and file affidavit of service accordingly. State Bank of India shall file an affidavit explaining the day-to-day delay from 15.11.2019 on which date, the last CoC meeting was held under the orders of this Adjudicating Authority, to till date and also to explain why exemplary costs are not imposed on it for its aforesaid conduct. List the instant CA on 06.03.2020.
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