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2020 (11) TMI 123 - Tri - Insolvency and BankruptcyExtension of CIRP period for a further period of 90 days in order to complete CIRP process - Regulation 36A of IBBI (Insolvency Resolution of Corporate Persons) Regulations, 2016 - HELD THAT:- In view of the fact that there is only one Prospective Resolution Applicant before the Committee of Creditors as on date and the time to examine the resolution plan under the Code and verification of the contents of the resolution plan is limited, and also the intention of the Committee of Creditors to invite fresh Expression of Interest to enable more bonafide resolution applicants to bid for the revival of the Corporate Debtor seems to be reasonable, the request of Resolution Professional to extend the CIRP period for a further period of 90 days is justifiable. Application allowed.
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