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2021 (3) TMI 1063 - AT - Insolvency and BankruptcySeeking extension of time period to complete ‘CIRP’ of the ‘Corporate Debtor’ from 270 to 330 days - initiation of ‘Liquidation Proceedings’ against the ‘Corporate Debtor’ - HELD THAT:- In reality, the act of extending the ‘Insolvency Resolution’ beyond the time limit under section 12(3) of the Code is against the underlying policy of the Code for ensuring timely resolution of ‘Company Insolvency’. Undoubtedly, an extension of time for extension of time for ‘CIRP’ is a ‘critical arena’. However, the exercise of the power of extending the time limit by the ‘Adjudicating Authority’ in negation of the statutory provision of the Code may be desirable in an exceptional/extraordinary circumstances of a given case - Be it noted, that ‘speed’ is the gist for the working of the ‘Bankruptcy Code’. It cannot be gainsaid that the ‘Corporate Insolvency Resolution’ with approval of ‘Plan of Resolution’ is ultimately the exclusive domain of the ‘Committee of Creditors’. This ‘Tribunal directs the ‘Adjudicating Authority’ (National Company Law Tribunal, Hyderabad Bench, Hyderabad) to take up the application filed by the Appellant/Applicant seeking extension of 60 days for completion of CIRP pending on its file, on the next date of hearing, i.e. on 23.4.2021 and to dispose of the same on merits by passing a ‘reasoned order’, ofcourse, in a fair, Just and dispassionate manner in accordance with Law and in the manner known to Law, at an early date - application disposed off.
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