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2021 (6) TMI 120 - Tri - Insolvency and BankruptcySeeking exclusion of certain time periods from the total time period of 330 days - Section 12 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- On the ground of lockdown imposed by the Central Government as well as State Government, we have excluded the period from 25.03.2020 to 30.06.2020 i.e. total 97 days while calculating the total period of CIRP and while applying the same principle in this matter, we hereby exclude the period from 25.03.2020 to 30.06.2020 i.e. total 97 days (instead of period from 25.03.2020 to 31.08.2020 as prayed by the applicant) while calculating the total period of CIRP. The applicant has not claimed the extension beyond the 330 days on the ground of exceptional circumstances rather he has claimed the period on the ground of pendency of the application - In terms of the second proviso of Section 12 (3) of the IBC, "the corporate insolvency resolution process shall mandatorily be completed within a period of three hundred and thirty days from the insolvency commencement date, including any extension of the period of corporate insolvency resolution process granted under this section and the time taken in legal proceedings in relation to such resolution process of the corporate debtor". Petition disposed off.
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