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2020 (10) TMI 263 - Tri - Insolvency and BankruptcyExclusion of 60 days from CIRP period - section 12(2) of Insolvency & Bankruptcy Code, 2016 - HELD THAT:- The Adjudicating Authority can exclude a certain period for the purpose of counting total period of CIRP, if circumstances justify such exclusion. Here is the case, where considerable time i.e. 79 days has been lost in the CIRP period. Necessarily some period is to be excluded from the CIRP, otherwise CoC cannot go ahead with the CIRP. Out of 79 days period lost in the CIRP, the Resolution Professional has requested only 60 days' time for evaluation of EoI as date of receipt of EoI was extended by CoC up to 13.01.2020. Further as stated by the Resolution Professional, the Special Audit period was also extended up to 28.02.2020. So these are justifiable grounds for excluding some period from the CIRP, since CoC could not complete the above tasks well within time. Thus, there are grounds to exclude 60 days from CIRP in the interest of justice. Application is allowed by excluding 60 days for the purpose of counting period of CIRP and thereby allowing Resolution Professional/CoC a further 60 days with effect from 02.02.2020 to complete the CIRP within the period allowed.
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